Jon Agust Thorsteinsson becomes Chairman of the Board of Marorka

Dr Jon Agust Thorsteinsson, co-founder of Marorka and CEO of the company since it was established, has been elected to become Chairman of the Board of Marorka, succeeding Thordur Magnusson who has been the chairman since 2004. Mr Magnusson will continue to sit on the board, which will not change its composition in any other way. Marorka is a world leader in the development and production of computer-based energy management solutions for single ships and entire fleets. Dr Thorsteinsson will concentrate on the strategic development of the company. Therefore he will step aside from his position as CEO of the company. Dr Bjarki A. Brynjarsson, who has worked with the company for the past few months, takes over responsibility of the operational business as interim CEO. The above changes took place on 1 January 2013.

Marorka’s foundations were laid in 1997 when Dr Thorsteinsson began research into the application of mathematical methodologies to integrated energy systems. The company was formally established in 2002 to develop marine energy optimization software and control systems based on the research. Marorka has created a range of robust, competitive solutions that allows its customers to measure, visualize (also onshore) and improve energy consumption and reduce emissions from ships. The company is now a leader in the field of shipping energy management, and Marorka systems have been installed in ships all around the world. The company has 50 employees, and almost all of its income comes from companies outside Iceland. Marorka was awarded the Nordic Council’s Nature and Environment Prize in 2008.

Dr Jon Agust Thorsteinsson: “Marorka operates in the sustainable technology and energy management sector, which has recently seen rapid expansion in the shadow of the well-known difficulties in global trade. This brings significant opportunities for knowledge-based companies such as Marorka, which has a dedicated, well-educated and highly experienced workforce. I am looking forward to have more time to concentrate on the strategic development of the company in my function as the Chairman of the Board.”

Thordur Magnusson: “Marorka has everything required to become a commercial force in international markets. I am proud to have taken part in Marorka’s growth along with its superb staff and shareholders. The company now operates on a firm footing, having developed excellent products which are in great demand. The next year will see a concerted effort to continue building the company as it shifts from being an international technology firm that has achieved much, to a global market-driven company operating throughout Europe and Asia. This will be a milestone in the history of Marorka. The company is experiencing rapidly increasing demand from the market for sustainable solutions that aim to improve energy consumption and reduce polluting emissions. Marorka is ready to provide leadership in this sector. I look forward to continuing to sit on the Board of Directors at this turning point in the company’s history as it cements its position in these dynamic, ever-changing markets through the introduction of new solutions. It is vital for Marorka’s growth and future development that it has a clear vision of its role and station in this energetic and competitive international market.”