GA Drilling has announced the successful first close of a $15 million financing round following a series of promising tests, marking a significant step forward in the advancement of geothermal technologies for renewable energy.
The investment injection aims to drive the commercialization of geothermal technologies, positioning them as a viable alternative to fossil fuels for baseload power generation. GA Drilling intends to revolutionize the sector by enabling the extraction of deep geothermal energy at faster rates and deeper depths, all while maintaining cost-effectiveness.
Thomas von Koch, former CEO at EQT Group and one of the investors, emphasized the pivotal role of geothermal energy, stating, “Geothermal is the only game in town… 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.”
What sets GA Drilling apart in the renewable energy landscape is its focus on deep geothermal, which can seamlessly integrate into existing infrastructure without relying on rare earth metals as seen in solar or wind technologies. This robust and adaptable energy solution holds promise for large-scale applications, providing secure baseload power irrespective of geographical location or rock density.
Igor Kocis, co-founder and CEO of GA Drilling, highlighted the transformative potential of deep geothermal, stating, “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.”
