– GA Drilling secures US$15 million in financing for commercialization of geothermal technologies
– Investors include leading global companies and individuals such as Nabors, Christian Oldendorff, and Thomas von Koch
– Deep geothermal technology by GA Drilling aims to revolutionize baseload power delivery by reaching deeper depths economically
GA Drilling has secured US$15 million in financing following successful tests, allowing them to commercialize geothermal technologies and scale renewable energy as an alternative to fossil fuels. The company aims to deliver deep geothermal energy faster, at deeper depths, and in a cost-effective manner, transitioning from producing megawatts to terawatts. Investors include leading global drilling rig provider Nabors, Christian Oldendorff’s Family Office, and others, indicating confidence in the potential of geothermal energy.
Thomas von Koch, former CEO of EQT Group, highlighted the significance of geothermal energy in the shift towards sustainable power sources. GA Drilling’s deep geothermal technology stands out in the renewable energy market due to its ability to integrate with existing infrastructure and avoid reliance on rare earth metals. The scalability and reliability of deep geothermal make it an attractive option for large-scale applications worldwide, reducing security risks and offering substantial geopolitics benefits.
Igor Kocis, CEO of GA Drilling, emphasized the growing demand for their technology and the rapid advancement in making geothermal energy more accessible and widespread. The deep geothermal innovation has significantly increased the estimated geographical availability of geothermal energy, making it a crucial component of energy strategies globally. The development of geothermal energy presents exciting opportunities for a sustainable and secure baseload power solution, with the potential to revolutionize the renewable energy industry.