For the past decade IceTec has been a major player in the field of biotechnology in Iceland. The institute, in cooperation with others, operated Biotechnology House that among other things housed IceTecĺs biotechnology department. Based on work conducted there a company named Prokaria was formed. In addition to Prokaria the institute has also participated in creating the following companies: GenÝs, ═slensk fjallagr÷s, Sprett, Feyging and most recently, in cooperation with the Agricultural Research Institute, Orf Genetics, in connection with the Biotechnology Centre at Keldnaholt.
The institute intends to continue developing new projects in biotechnology, as opportunities for Icelandic economic life in this field are endless, for example in the pharmaceutical, chemical and food industries. IceTec will utilise the diverse expertise of its employees to develop projects with practical applications in consultation with companies and the scientific research community in Iceland and abroad.