On power Overview
On power is engaged in the business of producing electricity from geothermal energy. It also offers geothermal water for heating. As of 2018, On Power has provided electricity to more than 75,000 homes and businesses in Iceland at competitive prices. The company uses only renewable energy sources for electricity generation, which is the major factors contributing to the company’s growth in Iceland. The company also operates DC fast charging points for electric vehicles around Iceland. As of January 2018, the company offered electricity at a price of USD 7.75 per kWh.
The company has three power plants, which cumulatively produce 450 MW of electricity and 1,100 joules of thermal power. Iceland is an ideal location for data centres owing to the available renewable energy and proximity to Europe and North America.
Strategy
On Power is focused on market expansion by offering its services at competitive prices to the end-users. On Power collaborates frequently with other companies to promote the use of renewable energy in different sectors. For instance, the company collaborated with Zipcar Inc to promote the use of shared electric vehicles in the country. As Iceland is a hub for data centers, the company is aggressively focusing on providing various services for data center service providers.
