Announcement of funding by Underground Ventures on Canopus Drilling Options on the World Geothermal Influence Summit (supply: Influence Metropolis through LinkedIn)
Canopus Drilling Options has acquired a EUR 3 million funding from Underground Ventures to assist advance their Directional Metal Shot Drilling expertise.
Revolutionary drilling expertise firm Canopus Drilling Options has raised an extra funding of EUR 3 million led by the brand new investor Underground Ventures, and current buyers SHIFT and ENERGIIQ. The profitable funding spherical was introduced throughout the latest World Geothermal Influence Summit in The Hague, Netherlands.
Main this spherical is Underground Ventures, a brand new fund from Denmark devoted to and specialised in geothermal power investments. “This funding underlines our dedication to develop this sector that we see as important to fixing the power disaster,” stated Torsten Kolind, the fund supervisor.
Current buyers SHIFT and ENERGIIQare happy to present their continued assist to Canopus, expressing their ambition as influence buyers to contribute to the expansion of geothermal power. Koen Hooning, associate at SHIFT Make investments, provides that geothermal power has the potential to contribute considerably to the power transition, offered it’s given enough assets and focus and progressive corporations akin to Canopus are supported.
The Metal Shot Drilling expertise
Canopus Drilling has developed a novel drilling expertise referred to as Directional Metal Shot Drilling (DSSD), based mostly on quick directional drilling utilizing metal shot jet erosion. Utilizing metal particles, DSSD permits for quicker drilling and higher steering, and is being seen as an economical drilling methodology for geothermal district heating methods producing from medium-deep to deep reservoirs.
The expertise current a number of benefits:
- Doesn’t want massive mechanical forces on the bit
- Can drill lengthy distances (> 500 meters)
- Can drill quick high-angle turns into any path
- Has particular bit designs producing clean bore holes in any rock sort at any depth
- Can drill many multilaterals inside a skinny reservoir
- Offers a excessive stage of downhole autonomous directional management
- Doesn’t sacrifice price of penetration for directional management, with ROP exceeding standard drill charges
Pilot testing of the DSSD expertise has already been accomplished efficiently on the website of Hagerbach Take a look at Gallery (VersuchsStollen Hagerbach AG) in Switzerland as a part of the DEPLOI the HEAT mission. A complete size 250 meters was drilled throughout the pilot take a look at, exhibiting that the addition of lower than 0.5% by quantity of 1-mm metal shot particles to the drilling mud improved price of penetration by an element of three.
Diederik Wawoe, CEO of Canopus Drilling, said that the subsequent step can be to check the expertise in geothermal wells in Netherlands. The objective can be to reinforce the productiveness of those wells by drilling multilateral sections.
“We need to do extra. We need to develop the corporate and we need to be full business. Due to this fact, we have to rent extra folks and we have to construct extra methods. That’s what this funding goes to assist with,” stated Wawoe.
Supply: Innovation Quarter
