At the Global Geothermal Impact Summit in The Hague, Canopus Drilling Solutions Geothermal BV revealed the acquisition of a follow-on investment totaling €3 million, led by new investor Underground Ventures, along with existing investors SHIFT and ENERGIIQ. This investment marks a significant step forward in the development of geothermal solutions aimed at reducing dependency on fossil fuels.
The company introduced its pioneering technology, known as Directional Steel Shot Drilling (DSSD), which combines conventional diamond cutter technology with erosion by steel particles smaller than 1 mm. Jan Jette Blangé, CEO of Canopus, elaborated on the innovation, stating, “The combined action of mechanical drilling and steel shot erosion drills much faster and can easily be steered. DSSD reduces drilling time and can drill branched bore hole structures that have very good thermal contact with the hot layers of the earth.”
Leading the investment round, Underground Ventures, a Denmark-based fund specializing in geothermal investments, expressed their commitment to supporting the growth of the sector. Torsten Kolind, the Fund Manager, emphasized, “This investment underpins our dedication to growth of a sector which we see as essential to solve the energy crisis.”
