Ross Beaty’s Got a Proposal for Björk - The Reykjavik Grapevine

Ross Beaty’s Got a Proposal for Björk

Published July 19, 2010

Ross Beaty, CEO of Magma Energy, the Canadian geothermal pure play that has created a stir over the past year by buying up portions of Icelandic geothermal energy company HS Orka, has got a proposal for Björk:
“I have a cheeky proposal to Björk: if she is so worried about foreign investors buying HS Orka, why doesn’t she, with all her millions invest in buying some of HS Orka? I offer her a 25% stake at no profit to Magma – she can buy the shares at exactly what it cost us. That is what I am offering the pension funds. Let her put her money where her mouth is, as I am personally doing.”
As the Grapevine reported in its most recent issue, Björk has taken up the Magma cause, begging to know what benefit international investment in HS Orka will have for Iceland.
Magma Energy is currently on the verge of finalizing a deal with Geysir Green Energy that will see the company owning over 98% in HS Orka. Politicians, Icelandic citizens, and foreigners alike have expressed anger over Magma’s ability to purchase a majority stake in an Icelandic company that deals in natural resources by way of establishing a Swedish shelf company – Icelandic law prohibits non-EEA parties from owning any stake in natural resources.

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