At a large event today Green Energy Group AS was announced as a 2014 New Energy Pioneer by Bloomberg New Energy Finance (BNEF). The winners were recognized on stage at the seventh annual Bloomberg New Energy Finance Summit in New York City. 

“We are extremely honored to have received such a prestigious award and our nomination represents another successful milestone achievement for Green Energy Groups’ pioneering modular geothermal wellhead technology. Being the sole representative from the geothermal industry, amongst such a respected group of fellow awardees, this award tells us we are on the right track as we build our company around our belief in the need for smaller scale wellhead solutions for geothermal development.” said Terje Laugerud, the CEO of Green Energy Group after the awards in New York.

Green Energy Group (“GEG”) is a Norwegian-Icelandic company that supplies geothermal wellhead plants, utilising prefabricated modules, enabling commissioning on site in a matter of months. GEG’s unique concept allows power online earlier in the development cycle and its wellhead designs not only reduce capital expenses and project risk, but also allows for earlier payback on investment.

The company has so far installed five geothermal wellhead plants in Kenya with a combined power generation capacity of 30 MW, with additional plants currently under construction.

With global geothermal development expected to significantly increase in the coming years, the company is providing a competitive and much needed solution that helps developers to bring power online as fast as possible.  Future markets of GEG are high temperature regions in Asia, Eastern Africa, the Caribbean and Latin America.

This year’s winners represent a broad range of industries including bioenergy, energy efficiency, geothermal, innovative finance, smart energy technology, solar and water. By rewarding game changing innovators, Bloomberg New Energy Finance hopes to highlight the profound transition in today’s energy system, towards new business models, technologies and market structures that are challenging the status quo.

The awards program, now in its fifth year, selects ten New Energy Pioneers each year. This year the independent panel of industry experts selected the winners from numerous applicants from around the world, assessing them against three criteria: innovation, demonstrated momentum and potential global scale.

Michael Wilshire, Selection Committee Chair and Head of Analysis of Bloomberg New Energy Finance, said: “We were impressed by the strength and breadth of innovation in this year’s New Energy Pioneer candidates and their potential to accelerate the next wave of industry growth. We are again very grateful to our group of judges who narrowed this field down to just ten winners. We wish all of the Pioneers every success in the future.”

Other 2014 winners include 1366 Technologies, Breathing Buildings, Bridgelux, Coolerado, Genomatica, M-KOPA Solar, Oasys Water, Renmatix, and Younicos.

Bloomberg New Energy Finance’s New Energy Pioneers program is supported by EYWilson Sonsini Goodrich & Rosati, and Broadscale.

For more information on the Pioneers program, visit: http://www.newenergypioneers.com/

For more information on the Bloomberg New Energy Finance Summit, visit: http://about.bnef.com/summit/