Geothermal firm GA Drilling secures USD 15m in fresh capital

Slovakia-based geothermal drilling technologies specialist GA Drilling announced on Thursday the first close of a USD-15-million (EUR 14.0m) financing round that will advance the commercialisation of its technologies after a series of successful tests.

“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,” GA Drilling’s CEO Igor Kocis said.

Founded in 2008, GA Drilling has two patented drilling technologies, namely PLASMABIT and ANCHORBIT. Earlier this year, the company teamed up with ZeroGeo to develop a 12-MW geothermal power plant in Germany utilising hot dry rock (HDR) technology.

The fundraising transaction saw participation from oil and gas drilling contractor Nabors, Christian Oldendorff's new Family Office, alfa8, EQT’s former CEO Thomas von Koch, the newly-launched geothermal fund Underground Ventures and Slovakia-based Neulogy Ventures.

(USD 1 = EUR 0.936)

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