About 170 new jobs could be created

It is estimated that 170 direct jobs, as well as several secondary jobs, will be created when the magnesium factory Njörður Holding ehf. on Grundartangi becomes a reality in the coming years.

Stefán Ás Ingvarsson, CEO of Njörður Holding ehf., says in an interview with Morgunblaðið that Grundartangi is one of the land options being considered in Europe. He says that magnesium production in Iceland is a wise decision and a unique opportunity for the country and the people. The plan for starting the project is in 2026.

The association has presented the plans to the Hvalfjörður community council and the Akranes town council.

The estimated size of the factory is 45,000 square meters and the plot is 58,600 square meters. The estimated development cost is 200 million euros, equivalent to almost ISK 30 billion.

Electrical engineer in California

Ingvarsson says that the project is supported by experienced parties. Ingvarsson himself is an electrical engineer with research facilities at Stanford University in California, where he lives and works.

The Scandinavian engineering firm AFRY is in charge of design, but the firm has decades of experience in designing and consulting in the construction of metal factories.

Silfurberg ehf. leads financing, but within the company, according to Ingvarsson, there is a lot of experience in the development of industrial companies.