Potter Drilling receiving another tranche of Google financing

Alexander Richter 17 Jan 2009

The geothermal drilling company Potter Drilling, who is focusing on “on developing innovative drilling technology to enable clean energy solutions, including Engineered Geothermal Systems (EGS)”, has just secured the second tranche of its US$ 4 million investment. The investment of Google.org is intended to help to “develop new approaches to lower the cost and expand the range of deep hard rock drilling, a critical element to large-scale deployment of EGS.”

This investment is part of the larger interest and investment of Google.org into EGS technology and development. Receivers of Google financing are AltaRock Energy, Inc. (US$ 6.25 million), Potter Drilling (US$ 4 million) and Southern Methodist University Geothermal Lab (US$ 490,000).

Source: Green VC & Company announcement