Magma Energy

Canadian geothermal power producer and developer Magma Energy Corp. (TSX: MXY.TO) said today it will sell a 25% share of its 98.5%-owned Icelandic geothermal power company HS Orka hf to a group of Icelandic pension funds for approximately C$71.5 million, approximately equal to Magma’s original cost of the acquisition.

Iceland is one of the world's geothermal hotbeds. It could be said that geothermal power production is the only silver lining for a country that was on the brink of bankruptcy two years ago.

Iceland is a country in a highly visible state of evolution, a vast volcanic island where the landscape is obviously alive. With shifting glaciers, spouting geysers, simmering hot springs, rushing rivers, and a number of active volcanoes, it's a place bursting with a bounty of natural power.

Magma Energy is enjoying a volcanic IPO. The Vancouver-based geothermal start-up is going public and some observers estimate that they may raise more than $85 million - double what was predicted only one month ago.