– Canopus Drilling Solutions Geothermal BV secured a €3 million follow-on investment led by new investor Underground Ventures and existing investors SHIFT and ENERGIIQ at the Global Geothermal Impact Summit in The Hague.
– The investment is for Canopus’s directional steel shot drilling technology, which combines conventional diamond cutter technology with erosion by steel particles smaller than 1 mm to drill faster and more efficiently in geothermal drilling.
– Underground Ventures, a new fund specializing in investing in geothermal, is the lead investor in the round, highlighting the importance of the geothermal sector in addressing the energy crisis.
At the Global Geothermal Impact Summit in The Hague, Canopus Drilling Solutions Geothermal BV received a follow-on investment of €3 million from new investor Underground Ventures and existing investors SHIFT and ENERGIIQ. The investment is focused on Canopus’ innovative directional steel shot drilling technology, which has the potential to revolutionize geothermal drilling and reduce the dependency on fossil fuels. The CEO of Canopus, Jan Jette Blangé, highlighted that the technology combines diamond cutter technology with erosion by steel particles to enable faster drilling and better thermal contact with the earth’s hot layers.
The lead investor in this investment round is Underground Ventures, a Danish fund specialized in geothermal investments. They see the geothermal sector as essential in solving the energy crisis and are dedicated to its growth. Existing investors SHIFT and ENERGIIQ are also excited to support Canopus as impact investors committed to the growth of geothermal solutions. The investment marks an important milestone in advancing geothermal technologies.
For more information on renewable energy and technical developments in the industry, readers can access the latest issue of Energy Global magazine. The Spring 2024 issue of the magazine features articles on battery storage solutions, renewables in Europe, electrical infrastructure, turbine monitoring, battery storage technology, and coatings, among other topics. This issue provides insights into the latest advancements in the renewable energy sector.