In January Baseload Capital acquired a stake in Varmaorka on Iceland to support the company to build distributed Heat Power plants. The goal is initially to build 15 MW.

The project comprises of 10 to 15 established district heating facilities in Iceland which are today being used for heating of houses and greenhouses. Most of these facilities have been active for over 30 years and have a stable operational history in terms of water flows and temperatures. At each installation, a Heat Power system will be connected to the existing infrastructure between the heat source and the district heating system. Each existing district heating system has the capacity for five to ten Climeon Heat Power modules, depending on size and water temperature.




In February 2018 Baseload signed an agreement with Wendel Energy Operations I in California to structure a debt facility in order for Wendel to finance the repowering of their existing Heat Power plant. 

Wendel replaces traditional technology that, at low temperatures, generates a too weak business case. The generated electricity is sold into the transmission network. The project includes a heat power plant with four Climeon Heat Power-modules. The Wendel site has been active for more than 30 years, with a stable level of water flow and temperature.




In July 2018, Baseload Capital Sweden signed an agreement, on the behalf of a newly started Heat Power operator in Japan, to purchase Heat Power modules from Climeon.

The newly started Heat Power operator will be jointly owned by Baseload Capital and a Japanese partner. The Heat Power operator will produce electricity from geothermal heat power and sell it into the transmission network.