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Erlendur thought it was thick buildinginsulation plastic.
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He then set up a company that used sheep's wool as the key material in a new type of buildinginsulation.
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Nova's products are used to make everything from buildinginsulation and electronics parts, to consumer stables such as food packaging and garbage bags.
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Consultants McKinsey and Sweden's state-owned power group Vattenfall, for instance, once ranked buildinginsulation as the single most profitable measure to fight global warming.
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Buildinginsulation group Kingspan has completed a $200 million (€140 million) private placement of 10 year senior loan notes, it confirmed today.