Significant investment promises swift acceleration towards supporting Iceland’s EV transition

Reykjavik, June 7 2023: Leading rapid electric vehicle charging network, InstaVolt, has announced a significant investment into building EV infrastructure in Iceland, supporting Iceland’s commitment to reach net-zero carbon by 2040.

InstaVolt has today launched the country’s largest rapid electric vehicle charging hub at Courtyard by Marriott Reykjavik Keflavik Airport. The 20 chargers will be powered by 100% renewable energy supplied by InstaVolt’s energy partner HS Orka, Iceland’s leading private electricity generator, who have been operating geothermal energy plants in Iceland for more than 40 years.

This is an important announcement for Iceland as it looks to achieve its target of banning the registration of new gasoline and diesel cars by 2030, while developing its EV charging network for both residents and tourists, who will be encouraged to travel sustainably around the country.

Earlier in the day Iceland’s car rental operators were invited to a special presentation by InstaVolt who explained how its plans could help the car rental companies expand their EV fleets.

Latest figures from 2022, reveal that the market share of electric vehicles in Iceland is around 60%, the second highest in the world behind Norway. Around 14% of the country’s passenger car fleet is electrified as of 2022.^[3]

Iceland is well suited to the adoption of EVs as driving distances are relatively short, the country has affordable, surplus renewable energy (99.98% renewable electricity in 2022) and has to import all of its fossil fuels.^[4] Electric vehicles (EVs) are a key component of thecountry’s environmental policy and compliance with the Paris Agreement, with road transport contributing 20% of Iceland’s total greenhouse gas emissions.

This is a significant move for InstaVolt as it represents the company’s first expansion into an international market.  InstaVolt, which has plans for a further 200 installations in Iceland over the next two years, has a reputation for reliably and ease of use with payment by contactless debit or credit card.

Officiating at the activation ceremony, Gudlaugur Thór Thórdarson, Minister of the Environment, Energy and Climate, said: “Iceland has been successful in its energy transition for road transport and is in second place after Norway, with regard to the purchase rate of electric and plug-in hybrid vehicles. However for Iceland to reach the government‘s plan for full energy transition by 2040 we need to accelerate our energy transition and an increasing number of EV chargers should make it easier for us to meet our sustainability targets.”

HS Orka’s CEO, Tómas Már Sigurðsson, said: “We wanted to partner with a company with a long and successful history in the field of rapid EV charging, and therefore InstaVolt was our first choice. We welcome them to the Icelandic market and look forward to participating with the company in further developing the EV infrastructure throughout Iceland.”

Dr Bryony Mathew, the UK Ambassador to Iceland, said: ““This UK-Iceland partnership is a great illustration of what can be achieved by bringing together British and Icelandic experience, technology and natural resources.”

InstaVolt Chairman, and HS Orka Chairman Adrian Pike, said: “I am so proud of what InstaVolt and HS Orka have achieved here. The excellent management teams of both companies have created this opportunity to help develop Iceland’s EV rapid charging infrastructure. The deal represents a significant investment by InstaVolt and has created a unique partnership where 100% renewable energy will be powering Iceland’s electric vehicles. We look forward to continuing our roll-out of rapid chargers across the country.”

For more information on InstaVolt, visit www.instavolt.is Information on HS Orka can be found at www.hsorka.is/en