GA Drilling Successfully Tests Breakthrough Technology for Deep Geothermal Drilling - Seite 2

ANCHORBIT is designed to improve drilling economics and make more geothermal projects economically feasible. It is a plug-and-play solution with conventional rotary drilling, which will enable immediate commercialization after the final development cycle. It is also designed to be part of the GA Drilling’s PLASMABIT technology, a game-changer for the geothermal drilling industry.

Meeting Decarbonization Goals

Geothermal energy is the only clean, renewable, and reliable baseload energy source; however, due to the limited geographical distribution of high-temperature rocks close to the surface, its full potential remains largely untapped until now. ANCHORBIT is engineered to enable deep drilling in high-temperature hard formations at a cost comparable to conventional drilling in shallow wells. These proven technologies aim to penetrate crystalline rock at high penetration rates at depths exceeding 5 km (3 miles). Clean energy is generated by producing water heated in the earth's crust and converting it to power at the surface. Building on a common technology infrastructure and the ability to access geothermal almost anywhere in the world, GA Drilling will speed up and expand the availability of carbon-free energy options for power generation. Geothermal is also an ideal solution to retrofit carbon-intensive coal power plants, eliminating emissions and strengthen countries' energy independence from fossil fuels.

Management Comments

Igor Kocis, Founder and CEO of GA Drilling, said: "For several years, our team worked relentlessly to enable clean, baseload geothermal power in any place of the world. We are thrilled that today we demonstrated in a real well a significant achievement: the successful use of our first ANCHORBIT tool, applicable to today's geothermal projects. It will improve their returns, reduce the risk, and help the current industry to expand projects into new territories. We are starting a new era for our company and for the whole geothermal sector to become a decisive player in the energy mix. With this breakthrough, we have made another big step toward delivering our promise of 'Geothermal Anywhere.'"

Tomas Kristofic, Founder and CTO of GA Drilling, said: "ANCHORBIT is an excellent mixture of existing technologies, 'spiced' by unique innovations. As a result, it brings unparalleled enhancement in drilling performance and consistency to existing drilling technologies. It is a long-awaited leap on the path to the breakthrough technology enabler of a geothermal revolution."