Cindrigo Holdings Ltd on Wednesday noted that the managing director of recent acquisition Energy Co-invest Global Corp has been appointed as chair of Iceland’s GEG ehf.

Cindrigo is a Guernsey, Channel Islands-based energy producer. It bought ECG, a geothermal-focused energy developer, for £1.6 million in cash and shares, completing the acquisition in March.

GEG is a geothermal engineering, procurement and construction contractor and project owner based in Reykjavik, Iceland. Cindrigo is GEG’s largest shareholder via ECG, the UK company noted.

Cindrigo said the appointment of ECG MD Jordan Oxley as chair of GEG will strengthen Cindrigo’s position in the geothermal energy sector.

Oxley commented: ‘I am pleased to assume the role of chairman of GEG and further encourage an active link between GEG and Cindrigo. Due to a confluence of events and aligning with consistent industrial progress, interest in geothermal has reached a new level.

‘Cooperation and coordination between like-minded stakeholders can propel geothermal beyond its niche and into its full potential as a primary source of clean baseload power for every continent.’

Shares in Cindrigo are currently suspended from trading in London.

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