Our Vision

The energy transition from fossil fuels to electricity is not limited to vehicles for personal transportation. To realize national and international goals for declining emissions of green-house gases, heavy duty transport and industries must also sway from fossil fuels. For that green hydrogen is a key element. VETNIS is to become the leader in production and distribution of green hydrogen for heavy transport and industries in Iceland.

Green hydrogen

In Iceland electricity only produced from green renewable sources. With its simple road-network the island is an ideal sandbox for early adoption of hydrogen vehicle fleets.

Chicken and egg

We will crack the chicken and egg problem of supply and demand for hydrogen by simultaniously introduce in harmony the hydrogen vehicles, -production and -distribution.


Aligned with strategic partners locally and abroad we create the first green hydrogen ecosystem in Iceland, a unique system that can be replicated in other countries.


We improve the climate for future generations in cooperation with leading companies and institutions in Iceland


A leading shipping and logistic company operating fleets of container ships, forklifts and trucks.


The national airport and air navigation service provider of Iceland, operating all public airports and air navigation services in the country.


Strætó is a public transport company which operates city buses in the Icelandic capital, Reykjavík and surrounding satellite towns and suburbs.


The national postal services in Iceland offering domestic and international mail services

MS Iceland Dairies

A dairy and food company making milk products from Icelandic milk.


Iceland's leading building material supplier both to homeowners and professionals in the building industry.

BM Vallá

A leading producer and distributor of mixed contrete to the building industry in Iceland.


A leading producer and distributor of feed to farmers and aquafarms in Iceland.


A developer and provider of complex hardware/software solutions for industrial and medical use.


International business consultancy and accounting organization.

Prime Capital

Prime Capital AG, a German asset manager specializing in green alternative infrastructure investments.


An international consultancy firm in the fields of engineering and technical services.

Our team

VETNIS team consists of highly skilled individuals with diverese but relevant experience and education

Auðun Freyr Ingvarsson
CEO & technical development
Through the years Audun Freyr has been business/engineering consultant for number of private and public bodies in Iceland such as Norvik, Icelandic Alcohol/Tobacco, Reykjavik Energy and Kopavogur Community and has served at the board of companies in various businesses in Iceland and internationally. From 2013 till 2018 Audun Freyr was the CEO of Felagsbustadir, one of the largest housing companies of Iceland. From 2006 till 2009 Audun Freyr was VP of Norvik Timber Industries, a group of companies in timber related operations in Europe. Audun holds a master’s degrees in engineering from Cornell University and a master’s degree in business management from Stanford University.
Orri Árnason
Architectural design & planning
Orri graduated in 1997 as an architect and urban planner from Escuela Técnica Superior de Arquitectura de Madrid. The same year he founded Zeppelin, his architectural studio taking on projects in all types and sizes; schools, offices, apartment buildings, hotels and industrial plants, etc. The studio has participated and has won several prices in architectural competitions. It also works on its own development projects and participates in projects with other parties. Orri is the author of several articles on urban planning that have been published in Icelandic.
Jón Georg Aðalsteinsson
Business development
A graduate from University of Iceland in computer science, he worked at Apple IMC in Iceland before finishing an MBA degree from IMD, Lausanne Switzerland. For several years, Jon held management positions at F Hoffman La Roche and PricewaterhouseCoopers in Switzerland. He is cofounder of Men&Mice (www.MenandMice.com) a developer of network infrastructure solutions for enterprises such as Microsoft, FedEx, ATT and Shell. In 1996 he co-founded InfoMentor, (www.infomentor.com) a software developer for the international education market. Jon holds a Swiss and Icelandic passport. His strengths lie in international business development, sales and marketing as well as innovation management.
Sinziana Dobrescu
Board member
Sinziana Dobrescu, a graduate of Amsterdam School of Business’ Master of International Finance, and of the University of Toronto, has helped built up Prime Capital’s infrastructure business in the last ten years, to reach almost 3 GW of renewable energy installed across Europe, with a focus on the Nordic countries. Prime Capital, an independent asset manager and financial services provider based in Frankfurt, employs a value-add strategy of optimising projects pre-construction, negotiating power purchase agreement, construction and procurement contracts and bringing in competitive financing. Sinziana contributes Prime’s long standing “commercialization” expertise to VETNIS Iceland, where Prime Capital is 35% shareholder through its Prime Green Energy Infrastructure Fund.
Árni Geir Pálsson
Board member
Árni Geir Pálsson, a University of Iceland graduate with an M.Sc. degree in international business from Copenhagen Business School, has extensive experience of business operations and has served on the boards of directors of various companies both in Iceland and abroad. He has worked in recent years as an independent business consultant. In 2014-2016 he was CEO of Icelandic Group, an international seafoods company operating eleven companies in eight countries, with around 1,600 employees. In 2006-2008 he was CEO of Median, a software company specializing in payment transaction services, and in 2005-2006 he was CEO of the entertainment company Lazytown. In 2000-2005 he served as head of business development at Icelandic Group (SH) and before that as head of development of the publishing company Frjáls Fjölmiðlun, owner of the advertising company Mátturinn og dýrðin, public relations manager at Samskip and securities broker at VÍB.
Stefania Bjarney Olafsdottir
Advisory board member
Stefania Bjarney Olafsdottir, CEO and Co-Founder of Avo, is a mathematician and philosopher, turned genetics researcher, turned data scientist, turned founder. She was the founding data scientist, Head of Data Science and Growth Lead at QuizUp, a mobile game with 100m users, where she built and led the data science division and culture – including pioneering company-wide ways to prioritize product innovation. She has since consulted companies in various industries with their product analytics culture. Today, she and her cofounder have built Avo to change the way teams ship product analytics code, so that they aren’t forced to throttle business growth by choosing between product delivery speed and reliable insights. Avo has been backed by world class investors such as Y Combinator, Heavybit and GGV Capital.
Jon Helgi Gudmundsson
Advisory board member
An active business developer and entrepreneur, Jon Helgi Gudmundsson managed the growth of BYKO to become a leading importing and distribution company of building materials in Iceland. As a major stakeholder and president of Norvik, he has been a key person in number of successful ventures and investments in Iceland and abroad. Jon Helgi is a member of the board at Bergs Timber, a listed company in Sweden, at Eyrir Invest, an Icelandic Investment company and at the subsidiary companies of Norvik. Jon Helgi studied economics at the University of Iceland and has taken on further coursework at University of Mannheim in Germany and State University of Penn in the United States.


VETNIS is a private limited liability company registered in Iceland in 2019. Auditor of VETNIS is Hlynur Sigurðsson, certified auditor and partner at KPMG Iceland.
VETNIS aims at becoming the leading industrial company in Iceland in the field of production and distribution of hydrogen produced from renewable energy sources.
VETNIS will form strategic partnership with key stakeholders in the emerging industry of green hydrogen and master the technology and strategy that secures the efficient and profitable long-term operation of green hydrogen supply chains.
Based on strategic vision and development, VETNIS will pave the way for large scale investment in hydrogen production and distribution. It will develop a pipeline of green infrastructure projects to support the introduction of hydrogen as energy carrier in Iceland while activelly seeking opportunities for export of green hydrogen.
VETNIS will respect and operate in good harmony with nature and people of Iceland.