An Icelandic consortium, Vistorka hf. signed a Cooperation Agreement with Daimler Chrysler Norsk Hydro and the Royal/Shell Group setting up a joint venture to investigate the potential for eventually replacing the use of fossil fuels in Iceland with hydrogen and creating the world's first "hydrogen economy". The joint venture, called the Icelandic Hydrogen and Fuel Cell Company Ltd, with test various applications utilising hydrogen fuel cells or hydrogen carriers. One of the first could be a hydrogen/fuel cell powered bus service in Reykjavik, with further projects being introduced between 2000 and 2002.