GA Drilling, a leader in deep geothermal, announced the first close of $15 million in funding after successful tests. Investors include 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 Neulogy Ventures.
The investment fuels the commercialization of geothermal technologies to scale renewable energy sources as a real option for replacing fossil fuels for baseload power.
The company will go from delivering megawatts to terawatts by providing deep geothermal faster and at deeper depths while remaining cost-effective.
The deep geothermal that GA Drilling enables differentiates it from others in the renewable energy market because of its capacity to integrate into existing infrastructure and avoid reliance on rare earth metals, as you see with solar or wind. This durable and versatile energy solution is being looked at for large-scale applications because it can provide secure baseload power and, specific to deep geothermal, can be applied anywhere on Earth regardless of a rock’s geographic location or density.
The geopolitical implications of scaling renewable baseload energy like this are exciting, from accessibility across the globe to the lower security risk offered because most assets are sub-terrain.
KEY QUOTES:
“Geothermal is the only game in town. 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.”
- Thomas von Koch, previous CEO at EQT Group
“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. 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.”
- Igor Kocis, co-founder and CEO of GA Drilling
“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. 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.”
- Torsten Kolind, Co-Founder & CEO of Underground Ventures
