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Memorandum of Understanding between Keystone Renewable Energy and Arctic Green Energy

Jul 1, 2023

MOU between Keystone Renewable Energy and Arctic Green Energy to jointly develop a cooling solution utilizing geothermal energy for cooling grids in Singapore

Keystone Renewable Energy Pte. Ltd. today announced a Memorandum of Understanding (MOU) with AGEC Global Pte. Ltd, to form a partnership in relation to utilizing geothermal energy for cooling grids in Singapore and setting up a geothermal cooling plant with absorption chillers.

Geothermal energy is an important clean energy source that has yet to receive as much attention, especially in metropolitan areas like Singapore. This partnership combines technical knowledge, business networks, experiences, and resources from both companies to develop an innovative geothermal energy utilization solution. This MOU is the Artic Green Energy first venture into Singapore renewable energy industry, and also reinforces Keystone's position as an emerging contributor to Singapore's pledge to reduce greenhouse gas emissions and Net Zero Emission.


AGEC Global Pte Ltd is the Singapore entity of Arctic Green Energy (, a leading company in the field of renewable energy. It specializes in solutions based on geothermal energy for heating, cooling, and electricity production. The company is expanding its operations by integrating geothermal energy with other renewable energy sources and has participated in university-level education to train new generations of geothermal experts. The company operates globally, including in Asia and Europe. Arctic Green Energy has its roots in Iceland’s internationally recognized geothermal expertise and operates knowledge centres there.

Keystone Renewable Energy Pte Ltd is an affiliated company of Keystone Offshore Pte Ltd, ( a Singapore-based asset management company servicing the Offshore Oil & Gas and Renewable Energy sectors. The company is managed by industry experts with years of experience across commercial, operations, technical, and safety functions. Keystone conducts business with the highest degree of corporate governance, accountability, and ethical standards.


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