I am picking two of these to perform on a electronic night in London and Liverpool in November....
hard to decide....

Stafrænn Hákon (Digital Hakon)
Stafrænn Hákon will be touring UK in october as a 5 piece band.
From his Myspace page:
"Once described as "frequently mesmerizing, seamlessly interwoven combination of electronica and ambient guitar.." by the legendary Wire magazine. Stafrænn Hákon has indeed through the last 6 years been described as a mix of post-rock, lo-fi, ambient guitar & electronica. "
Website: http://www.shakon.com/
Myspace: http://www.myspace.com/shakon
MP3 of the song "Kvef" ("Cold", as in "I have a cold"): http://www.twolittledogs.co.uk/mp3/stafraennhakon_kvef.mp3

Ultra Mega Techobandið Stefan (The Ultra Mega Techoband Stefan)
Myspace: http://www.myspace.com/umtbs
This band, which reminds me a bit of Apparat Organ Quartet, describe their music as "light-headed electroencephalogram techno rock". They do indeed cite their influences as Apparat Organ Quarted, as well as Kraftwerk, Daft Punk and Prodigy. Very danceable.
MP3: http://www.twolittledogs.co.uk/mp3/ultramegatechobandistefan_storyofastar.mp3

Hellvar
Heiða has been prolific in the Icelandic music scene for many years, most notably with the band Unun in the late nineties, a band which gained some popularity and included f.e. Thor Eldon of Sugarcubes fame on guitar. Along with her boyfriend, Elvar, she formed Hellvar which is kind of a semi-electronic rock band. Heiða is frequently likened to Björk. They are currently a 3-piece band, having recently added a guitarist so Heiða can focus on singing. They will be touring the USA east coast this september.
Myspace: http://www.myspace.com/hellvarmusic
MP3: http://www.twolittledogs.co.uk/mp3/hellvar_speedmental.mp3

Borko
Solo project of one Björn Kristjánsson. His music is very theatrical, what I've heard could very well be movie soundtrack. Reminds me of Múm, and indeed he is joined on stage by Örvar of Múm, as well as Björk's tour-chef, Númi. His Myspace bio is not to be relied on. Lots of electronics, lots of moods. No danceable beats however.
Myspace page: http://www.myspace.com/borkoborko

FM Belfast
Somewhat danceable project of a guy who calls himself Árni +1. He's a very prolific musician these days, a member of f.e. Hairdoctor and Motion Boys to name a few other projects. Lots of electronics and beats.
Myspace: http://www.myspace.com/fmbelfast

Steed Lord
A new band which has been getting a lot of attention fast. It features on vocals Svala Björgvinsdóttir who has been singing in many a band for a long time. She's daughter of renowned pop star Björgvin Halldórsson who was all the rage in the seventies and eighties, and sister of Krummi, singer in well known heavy metal band Mínus. They have their attitude all worked out with assumed names and looking like drug abusing criminals. Very danceable, apparently very popular, tough I have yet to catch a show of theirs. The song "Try Me" on their Myspace page has gotten some airplay here.
Myspace: http://www.myspace.com/steedlord

Bloodgroup
Another band that has been getting a lot of attention, and playing furiously in Iceland for the past months. Apparently they are playing Popkomm festival in Berlin this month. Similar setup as with Steed Lord although this band seems a bit more down to earth. Influences are Hot Chip, The Knife, Stereo Total and Prince.
Myspace: http://www.myspace.com/bloodgroup