Carbfix nominated for the Nordic Innovation Award

The Icelandic Intellectual Property Office announced today that it has nominated Carbfix, as the recipient of the Icelandic Innovation Award 2024, for the Nordic Innovation Award 2025.

The Nordic Innovation Award is a new award jointly established by the Nordic Intellectual Property Offices to highlight the importance of innovation and intellectual property protection. The award will be presented for the first time in Copenhagen on April 10, 2025.

Each Nordic country nominates one company for the Nordic Innovation Award. A jury, comprising the General Directors of the Intellectual Property Offices of Iceland, Norway, Finland, Denmark, and Sweden, along with a representative of industry from each country, will select one company to receive the award. When evaluating the nominated companies, the jury will focus on the following five criteria:

• Innovation – The innovation must demonstrate a novel and original approach, science or technology, unique methods, or creative solutions to problem-solving.
• Sustainability – The innovation must contribute to increased sustainability and the advancement of the United Nations Sustainable Development Goals (SDGs).
• Commercial viability and growth potential – The innovation should form the basis for a feasible and scalable business concept that is likely to yield returns in the future.
• Measurable results – The innovation should have demonstrated measurable success, whether in terms of revenue, market penetration, business plans, case studies, or new and recognized methodologies.
• Registered intellectual property – The innovation must be protected by registered intellectual property rights (patents, trademarks, or industrial designs) in relevant markets.

The purpose of the Nordic Innovation Award is to create awareness and inspire and reward companies that develop innovative ideas with outstanding potential while also securing their intellectual property rights (IPR). The Nordic Innovation Award promotes the importance of IPR to support innovative companies and their contribution to sustainable development of industry and society. The Award serves as a tribute and incentive to continued work in developing and protecting innovations in the Nordic region and globally.

The Icelandic Intellectual Property Office, in collaboration with its partners for the Icelandic Innovation Award: Rannís, Business Iceland, and the Icelandic Innovation Fund, has decided that the recipient of the Icelandic Innovation Award each year will be Iceland's nominee for the Nordic Innovation Awards.

Carbfix has developed a unique, scientifically validated method to convert CO₂ and H₂S into stone, offering a permanent solution to reduce greenhouse gas emissions. Since its founding, the company has safely stored nearly 100,000 tons of CO₂ underground, leveraging natural processes to mineralize carbon in suitable rock formations. Carbfix has registered intellectual property rights in over 20 countries on 6 continents for its technology, including the United States, Canada, China and Europe.

Originating within Reykjavik Energy, Carbfix's technology is the result of collaboration with researchers from the University of Iceland, CNRS Toulouse in France, and Columbia University in the U.S. In 2016, their work, confirming the ability to accelerate natural carbon mineralization, was published in Science. To date, over 100 peer-reviewed studies have been published on

Carbfix's technology, and the company collaborates with research institutions globally.
Carbfix has also made significant strides commercially, employing over 60 people and participating in projects across more than 20 countries. In 2022, it received the largest European grant ever awarded to an Icelandic company from the EU Innovation Fund, further validating its technology. The company's CO₂ sequestration solutions have been independently verified and certified, and Carbfix has received widespread international recognition, including features by National Geographic, 60 Minutes, and Netflix.