Article 1 - Goals
Reykjavik Energy is a power and utility company that is instrumental to the quality of life of the public. Reykjavik Energy's vision is to enable a sustainable future and creative energy in society. The purpose of Reykjavik Energy's Research and Innovation Fund (VOR) is to support this vision.
1.1 The fund's objectives are:
Article 2 - Applications
2.1 Applications are advertised once a year and the deadline for submitting applications shall be no less than 30 days.
2.2 Applications must be submitted in electronically through the application portal on Reykjavik Energy‘s website together with all accompanying documents. Incomplete applications will be rejected.
2.4 Further information than what is stated in the application may be requested from applicants.
2.5 Expertise may be sought in the assessment of applications if deemed necessary.
Article 3 - Study Grants
3.1 In this category, applications from applied engineering students and master's and doctoral students are considered. Students must provide enrollment certification from their education institution. Students must have a certified supervisor to be eligible for a grant from the fund. In the application, students describe their academic history and the research project they are working on or intend to work on during their studies.
3.2 Grants are awarded for the student's salary costs and other research costs directly related to the research project. Grants are not granted for the purchase of equipment, travel to conferences.
3.3 The amount of the study grant considers the costs that are stated in the cost estimate of the application. Study grants can be a maximum of 100% of the total cost. The maximum awarded grant amount for master‘s research or a final project for applied engineering students is 1.000.000, ISK and for doctoral research the maximum amount is 3,000,000 ISK.
3.4 In assessing applications, consideration is given to the applicant's academic history and how the planned research project aligns with the purpose and objectives of the fund, as well as the quality of the application.
Article 4 - Project Grants
4.1 In this category, applications from individuals, companies and organizations are considered.
4.2 Project grants are awarded for a part of the costs resulting from the work of specialists, the participation of master's and doctoral students, and other research costs that are directly related to the research project. Grants are not granted for the purchase of equipment, travel to conferences.
4.3 The amount of the project grant considers the costs that are stated in the cost estimate of the application. Project grants can be a maximum of 70% of the total cost. The maximum awarded grant amount for project grants is 5.000.000 ISK but the fund reserves the right to award grants that are lower than that.
4.4 In assessing applications, consideration is given to how the project aligns with the purpose and objectives of the fund, and the quality of the application. It also looks at the credibility of the project's cost and time plan and whether the project receives funding from other funds.
Article 5 - Application Assessment, Contracts, and Reporting
5.1 Specialists, in the fields to which the research material of the applications belongs, review and evaluate applications. This review is submitted to the fund’s technical council, which compares applications and makes proposals for allocations from the fund.
5.2 The board of the fund reviews the proposals from the technical council and decides on the allocation. On the Board are the CEO of Reykjavík Energy as the chairman of the board, the Chief of Research and Innovation and the Head of Innovation Center and Science Communication.
5.3 The board of the fund enters into an agreement with the grant recipient on the arrangements for the payment of the grant and the obligations of the grant recipient, e.g. regarding final reports. If a project is not started within 6 months of the start date, the grant will be revoked, except in the case of special circumstances. If a final project report is not submitted or progress is considered unsatisfactory, the board of the fund reserves the right to revoke the remainder of the grant and to call for a refund.
5.4 The board of the fund is authorized to condition the grant so that a share in the revenue stream created as a result of the project or patents on the discoveries goes to the fund.
5.5 Grant recipients must submit a final project report in accordance with the terms of the grant agreement.
5.6 Grant recipients shall be prepared to present their project at Reykjavik Energy's events upon request.
Article 6 - Confidentiality
6.1 The board and employees of the fund shall maintain the utmost confidentiality regarding the information in the applications.
6.2 Applications and their evaluation will be securely stored.
6.3 The board of the fund may publish the name of the research, the abstract, the name of the grant recipient, and the amount of the grant.
Article 7 - Other
7.1 The board of the fund shall submit to the Board of Directors of Reykjavik Energy a report on grants from the fund, its financial position, and the progress of funded projects when requested.
7.2 The board of the fund shall review the allocation rules annually, before advertising the grants each time.
Reykjavik, November 11th, 2024