Canopus receives €3 million follow-on investment for geothermal drilling technology
Published by Jessica Casey,
Editor
Energy Global,
At the Global Geothermal Impact Summit in The Hague, Canopus Drilling Solutions Geothermal BV announced that it has secured a follow-on investment of €3 million led by new investor Underground Ventures, and existing investors SHIFT and ENERGIIQ. Canopus developed the directional steel shot drilling technology – a technology with game-changing potential in geothermal drilling. This investment marks a milestone in the advancement of geothermal solutions that are to reduce the dependency on fossil fuels.
“We call our innovation ‘Directional Steel Shot Drilling’ (DSSD) and it combines conventional diamond cutter technology with erosion by steel particles smaller than 1 mm. The combined action of mechanical drilling and steel shot erosion drills much faster and can easily be steered. DSSD reduces drilling time and can drill branched bore hole structures that have very good thermal contact with the hot layers of the earth,” said Jan Jette Blangé the CEO of Canopus.
Underground Ventures, a new fund from Denmark dedicated to and specialised in investing in geothermal is the lead investor in this round.
“This investment underpins our dedication to growth of a sector which we see as essential to solve the energy crisis,” added Torsten Kolind, the Fund Manager.
Existing investors SHIFT and ENERGIIQ are excited to give their continued support to Canopus underpinning their dedication as impact investors to growing geothermal.
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Read the article online at: https://www.energyglobal.com/other-renewables/26042024/canopus-receives-3-million-follow-on-investment-for-geothermal-drilling-technology/
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