Slovak geothermal drilling technology developer secures EUR4m in debt financing
Slovakia-based drilling technology developer GA Drilling has been awarded EUR4 million debt investment from InnoEnergy following a rigorous eight-month assessment and selection process. The company has pioneered a plasma drilling tool.
Slovakia-based drilling technology developer GA Drilling has been awarded EUR4 million debt investment from InnoEnergy following a rigorous eight-month assessment and selection process, culminating with a detailed panel interview by the InnoEnergy Assessment Committee in Krakow, Poland. GA Drilling is the only one project selected from Central and Eastern Europe countries.
InnoEnergy is present in 40 countries, where cooperates with more than 300 partners – the largest industrial concerns like Total, Engie (Gas de France), MOL Group, EDF, ABB; leading research and academic centres and innovative entrepreneurs, investing about € 100 million annually in solutions of cleaner, better and more efficient technologies.
The selection process assessed GA Drillings technical, financial, business, intellectual property and commercial readiness to launch its PLASMABIT technology into the Oil & Gas Market. The outcome was a positive and strong commitment to invest in and support GA Drilling gear up for first sales.
A funding scheme to support innovative sustainable energy projects was launched in 2011 by InnoEnergy, the company investing in solutions in the area of energy, cleantech, mobility and broadly understood smart technologies. Through knowledge, financing and network of contacts, InnoEnergy supports the commercialization of products and their introduction to international markets.
“It is a great validator for us. InnoEnergy assessment and decision confirmed our readiness level in all crucial areas, so now we are happy to be able to start to work with them and their members like Total or MOL to achieve onshore/offshore tests and commercialization,” said Igor Ko?iš, CEO and co-founder of GA Drilling.
“Opportunities of reducing costs and environmental impact of oil and gas operations are definitely within InnoEnergy’s scope of interest, so we are looking forward to participate in delivering PLASMABIT technology to the market as soon as possible,” added Jakub Miler, CEO of InnoEnergy Central Europe.
GA Drillings partners in the application and development programme are Altus Intervention Ltd.(UK) and CEE oil & gas operator. The goal is to finalise the plasma milling technology and service delivery operation for oil & gas well plug and abandonment (P&A). Well P&A is a massive growing global market. Recent analysis with a major oil & gas operator indicated GA Drilling Plasma based milling technology (PLASMABIT) could realise up to 40% cost reductions compared to existing conventional methods.
About GA Drilling
GA Drilling has pioneered a revolutionary plasma drilling and milling technology, PLASMABIT. Together with leading oil & gas companies and InnoEnergy, GA Drilling brings an electric plasma technology platform PLASMABIT, delivering eco-friendly benefits along with substantial time and cost savings for oil well plug and abandonment, and related applications.
PLASMABIT is capable of drilling faster, deeper and cheaper through all earth rock densities. GA Drilling’s ultimate vision is to provide access to the truly sustainable and unlimited geothermal energy source, making 70% of earth´s area feasible for geothermal potential.
PLASMABIT technology can also revolutionize other sectors, including hydrogen generation, reservoir stimulation, desalination, tunnelling and mineral exploration.
The Company has 16 patents, a full-time team of 80+ scientists and engineers, 19 E.U. research grants, and strategic partnerships. GA Drilling head office and technology centre is in Bratislava, Slovakia, with 4000 sq. meters. The company also has branches in the United Kingdom (Aberdeen & London), the United Arab Emirates and the United States of America. More details on its website.
Source: Company release