Iceland takes a hit | Cleantech Group

Mountain View, Calif.-based Google (Nasdaq: GOOG) may be stealing headlines lately as a big-named backer of geothermal power, but Iceland's Glitnir Bank has been at it a lot longer. But those boom times for Glitnir are likely headed for the slow lane these days.

A leading geothermal investor in North America and elsewhere, Glitnir has been put into receivership amid a significant hit from the global credit crunch on the small country's economy.