HOUSTON, April 18, 2024 (GLOBE NEWSWIRE) — Today GA Drilling, the leader in deep geothermal, announced the first close of $15 million in financing after a series of successful tests. The investment fuels the commercialization 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 you see 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,” said 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.”
“Underground Ventures has a narrow focus on geothermal technologies because of its huge potential to replace fossil fuels with an abundant and reliable green alternative,” said Torsten Kolind, Co-Founder & CEO of Underground Ventures. “GA Drilling has the IP and experience to address every step from deep geothermal drilling systems to repurposing existing oil and gas assets. We need to build thousands of power plants globally, not just tens, and we insist on working with partners like GA Drilling to move at the breakneck speed that requires.”
About GA Drilling
GA Drilling, the leader in deep geothermal drilling technology, is changing the economics behind access to this clean, safe, and abundant energy source. Our technology offers a secure solution for a local and independent source of electricity, heating, clean water, and food production. Geothermal energy is the only renewable energy source that delivers regardless of weather conditions or the day-night cycle. GA Drilling’s scalable, modular solutions are able to access this clean, baseload energy source faster, at deeper depths, and more cost-effective than ever before, even through hard rock and steel.
GA Driling’s success is the result of 10+ years of R&D, 25+ registered patents, and support from a full-time team of over 50 engineers. The company has industrial funding, VC investors, 20 EU research grants, and strategic technology development partnerships with drilling industry leaders from Europe, the U.S., and Asia. Learn more at www.gadrilling.com.