// People
The people behind the Iceland eSAF Project
The company behind the Iceland eSAF Project was established in 2021 by Auður Nanna Baldvinsdóttir and Gylfi Már Geirsson to develop commercial-scale green hydrogen and e-fuel production in Iceland. The founders combine deep knowledge of Iceland’s energy market with the relationships and technical understanding needed to bring a first-of-a-kind eSAF facility from concept to operation. The shareholders are all Icelandic and come from aviation, academia and construction, some with deep roots in the Suðurnes area.
// Founders
Nanna Baldvinsdóttir
Power economist. Founding chair, Icelandic Association of Hydrogen and E-Fuel Producers.
Nanna is a power economist. She has worked on the development of some of Iceland's large projects, from power plants to aluminium. As Business Development Lead on Hydrogen at Landsvirkjun, the National Power Company of Iceland, she led the company's entry into hydrogen and e-fuel development. She holds an MSc in Energy Policy from Imperial College London and dual degrees in mathematics and economics from SUNY.
Nanna is the founding chair of the Icelandic Association of Hydrogen and E-Fuel Producers, where she represents the sector in policy discussions with the Icelandic government. She is a member of Iceland's Green Energy Cluster and has been a prominent voice in the country's energy transition debate.
Gylfi Már Geirsson
Power procurement. Negotiated PPAs with Iceland's largest industrial power consumers.
Gylfi was Business Development Lead on power purchase agreements and power procurement at Landsvirkjun, where he negotiated PPAs with Iceland's largest industrial power consumers. He was previously Senior Manager at Eimskip Shipping in the United States, Canada, and Iceland, bringing international commercial and logistics experience to the team.
Gylfi's background in power procurement is directly relevant to the project's single largest operating cost: the 300 MW of renewable electricity required for hydrogen production. His relationships with Icelandic power producers and his understanding of PPA structures in a market where 80% of power is sold bilaterally are a critical competitive advantage.
Hover or tap a card to read the biography.
// Consulting
Direct access to Iceland's energy sector.
Developing first-of-its-kind climate projects is capital-intensive, and fuel sales revenues from the production facility are not expected until production begins. In the meantime, the founders offer consulting services that draw on their knowledge of Iceland’s energy sector.
Navigating Iceland's energy landscape, identifying opportunities, understanding the regulatory framework, and connecting with the right stakeholders.
Independent assessment of Icelandic energy projects and assets for investors evaluating opportunities.
Understanding Iceland's PPA market, where 80% of power is sold through bilateral agreements and public pricing data has historically been limited.
Credentials: Both founders have deep, first-hand knowledge of Iceland’s power sector, pricing dynamics, and legislative environment. The lack of public information about this market can pose a serious challenge for new entrants. Our team removes that barrier.
// Name
Iðunn, the goddess of renewal. H₂, hydrogen.
Her apples never ran out.
In Norse mythology, Iðunn kept the apples that gave the gods their youth and strength. When she was taken from them, they began to age; when she returned, her apples restored them. Strength built on something that renews. That is the name and the mission in two parts: renewal, powered by hydrogen made from Iceland's renewable energy.
// Contact