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Wasabi Energy Limited subsidiary acquires Húsavík Kalina Cycle® Geothermal Power Plant in Iceland

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Major step towards becoming an Independent Power Producer (IPP)

• Acquisition initiates the execution of the Kalina Cycle® build-own-operate (BOO) strategy

• Húsavík power plant to serve as key Kalina Cycle® reference plant following refurbishment

• Approval from the Government of Iceland’s Foreign Investment Review Committee expected shortly

Wasabi Energy (ASX:WAS, AIM: WAS) is pleased to announce that its subsidiary, Global Geothermal Limited, has acquired the Orkuveita Húsavíkur (Húsavík) geothermal power plant, located at the township of Húsavík, in Northern Iceland.

This significant acquisition signals the commencement of Wasabi Energy’s Kalina Cycle® build-own-operate strategy and involves refurbishing the existing power plant to maximise power generation.

As the first geothermal Kalina Cycle® power plant installed over a decade ago, the Húsavík geothermal power plant (the “Power Plant”) provides an important reference plant for the Kalina Cycle® technology and also provides a strong platform for targeting larger, low enthalpy geothermal projects , globally.

Since Wasabi Energy announced its intention to acquire the Húsavík geothermal power plant, extensive reviews of the project have been conducted, before a formal decision to acquire the Power Plant was made. The Power Plant is not currently operational and refurbishment activities will commence immediately after receiving formal approval for the acquisition from the Foreign Investment Review Committee of the Government of Iceland with power generation expected to resume in the second quarter of 2012.

For further information: http://www.wasabienergy.com/Downloads/News/Husavik%20Announcement%2010%20Jan%202011.pdf

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