Budapest, May 5, 2016 – Singapore’s KS Orka Recyclable Energy Pte. Ltd. (“KS ORKA) recently signs an agreement with Hungarian developer Miszori László to acquire 51% equity stake in Turawell Geothermal Company (“Turawell”).

Turawell geothermal project is a combination of geothermal heating and power plant. Geothermal fluid in the well is used to generate power to supply heat to greenhouse and the power plant area. The fluid will then be directed to geothermal wells for storage. The system generates no pollution during the heating and power-generation processes. The technology originated in Iceland – 90% of household heating in Iceland comes from pollution-free geothermal water and 99% of the source of power generation are recyclable energy. Phase 1 of the project (3MW) is scheduled for operation within a year.

KS ORKA CEO Eirikur Bragason said: ‘KS ORKA spares no effort in becoming a world-leading geothermal project developer and operator. We will give priority for investments in Asia and Europe. Our target is to achieve 500MW of power generation within the next 5 years. The Turawell project is an important first step for us in Hungary.”

KS ORKA is a joint-venture between Icelandic company Hugar Orka ehf (“Hugar Orka”) and Zhejiang Kaishan (“Kaishan”), the latter being a company listed on ChiNext. KS ORKA combines Hugar Orka’s experience in geothermal project and development and Kaishan’s power plant technology and professional manufacturing capability. As such the company is one that combines geothermal and waste energy recycling. The participation of KS ORKA means that the project is being managed by a group of geothermal experts and developers with possibly the most experience in their fields.