The microalgae company MýSköpun ehf. has completed ISK 300 million in financing for the development of microalgae cultivation at Þeistareykir. The venture capital fund Landvættir slhf., based in Akureyri, will become a new cornerstone investor in the company, and the fund’s involvement enables MýSköpun to complete preparations for a new high-tech production facility. MýSköpun plans to produce high-value microalgae in specialized production facilities to be built next to Landsvirkjun’s geothermal power plant at Þeistareykir. Approximately 10,000 m² of production facilities are planned, with production to be significantly increased in stages, creating dozens of jobs in Northeast Iceland. Most of MýSköpun’s products will be sold on foreign markets for use in dietary supplements, markets that have been experiencing strong growth.
The involvement of Landvættir slhf. allows MýSköpun to finalize design work, planning matters, and other preparations for its production facility at Þeistareykir, with the aim of starting construction in spring 2027.
MýSköpun ehf. has researched, cultivated, and isolated various commercially valuable microalgae since 2013, with operations based in Bjarnarflag in the Mývatn area. Prior to the current share capital increase, the company’s largest shareholders were Þingeyjarsveit municipality, the New Business Venture Fund Kría, Fjárfestingarfélag Þingeyinga (e. the Investment Company of Þingeyjinga), as well as other smaller investors and individuals connected to the Northeast Iceland region.
A cooperation agreement between the company and Landsvirkjun regarding potential production at Þeistareykir was signed in June 2025. Since then, project preparations in collaboration with Landsvirkjun have continued, and both parties are highly enthusiastic about MýSköpun’s future vision. The purpose of the agreement with Landsvirkjun is to support increased value creation and job growth in the area through the utilization of resource streams from Landsvirkjun’s Þeistareykir power plant.
Landvættir slhf. is a new venture capital fund operated by AxUM Securities hf. in Akureyri. The fund focuses on investment opportunities in North Iceland, and the investment in MýSköpun is its first individual investment. The fund is an impact investor and seeks to actively support its portfolio companies.
Dr. Ingólfur Bragi Gunnarsson, CEO of MýSköpun:
“Work on this phase has been underway over the past year, and investor interest in our project has been strong, with the cooperation agreement between MýSköpun and Landsvirkjun, signed last summer, playing a decisive role. With this financing, the company will be able to begin full-scale planning and design of its high-tech production facilities at Þeistareykir. Construction is expected to begin in spring 2027, and once completed, the company will have significantly increased its production capacity. The latest technology will be used throughout the production process, new production methods will be applied, and the company’s product manufacturing will be highly cost-efficient. The development is expected to create dozens of permanent jobs in the area.”
Hreinn Þór Hauksson, CEO of AxUM Verðbréfa hf. and Landvættir slhf:
“Landvættir slhf. is a new investment force focusing on innovation and growth opportunities in rural Iceland. The fund seeks investment opportunities where it can contribute in various ways. The investment in MýSköpun ehf. is an excellent first step, combining everything the fund looks for: innovation, growth potential, job creation, and new knowledge.”
Ríkarður Ríkarðsson, Executive Director of Business Development and Innovation at Landsvirkjun:
“We have had a strong collaboration with MýSköpun in recent years, and it is now very exciting to follow the company’s continued development. MýSköpun has gained valuable experience and shaped a strong future vision for development within Landsvirkjun’s local communities. We look forward to seeing MýSköpun grow and realize promising opportunities in energy-related innovation. Activities like this can improve resource utilization in our operating areas, create new and interesting jobs, and significantly increase value creation along the energy production value chain.”
MýSköpun was founded in 2013 and became part of the New Business Venture Fund Kría's portfolio in 2023.
