GA Drilling accelerates deep geothermal energy
Published by Theodore Reed-Martin,
Editorial Assistant
Energy Global,
GA Drilling has announced the first close of US$15 million in financing after a series of successful tests. The investment fuels the commercialisation of geothermal technologies to scale the renewable energy source as a real option to replace fossil fuels for baseload power. Delivering deep geothermal faster and at deeper depths while remaining cost-effective is how the company will go from delivering megawatts of energy to terawatts. Investors include leading global drilling rig, services, and technology provider, Nabors, Christian Oldendorff's new Family Office, alfa8, the previous CEO of private equity firm EQT, Thomas von Koch, newly established geothermal fund Underground Ventures, and Slovakia-based, Neulogy Ventures.
“Geothermal is the only game in town,” said Thomas von Koch, previous CEO at EQT Group. “Its potential to shift the energy industry is clear to those in the know, but now it’s about how we can access this natural battery beneath us. GA Drilling offers the best path to true baseload power delivery because of its technology to reach depths and temperatures within an ecosystem that makes it economically viable.”
The deep geothermal that GA Drilling enables draws a distinction from others in the renewable energy market because of its capacity to integrate into existing infrastructure and avoid reliance on rare earth metals like with solar or wind. This durable and versatile energy solution is being looked at for large-scale applications because of the ability to provide secure baseload power and, specific to deep geothermal, can be applied anywhere on earth regardless of the geographic location or density of rock. The geopolitical implications of scaling a renewable baseload energy like this are exciting from accessibility across the globe to the lower security risk offered because most assets are sub-terrain.
“The excitement around deep geothermal is well placed given that our innovations have taken the estimates for the geographical availability of geothermal energy from 3% to 70+% of the planet,” commented Igor Kocis, co-founder and CEO of GA Drilling. “The demand for our technology picked up at an incredible rate. We couldn’t say this 18 months ago, but now if an energy operator or power company does not have geothermal in their strategy portfolio, they are already behind.”
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
Energy Global's Spring 2024 issue
The Spring 2024 issue of Energy Global starts with a guest comment from Field on how battery storage sites can serve as a viable solution to curtailed energy, before moving on to a regional report from Théodore Reed-Martin, Editorial Assistant, Energy Global, looking at the state of renewables in Europe. This issue also hosts an array of technical articles on electrical infrastructure, turbine and blade monitoring, battery storage technology, coatings, and more.
Read the article online at: https://www.energyglobal.com/other-renewables/19042024/ga-drilling-announces-close-of-us15-million-to-accelerate-deep-geothermal-energy/
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