The integration of GA Drilling PLASMABIT® Technology with Nabors industry-leading drilling operations is another bold step towards unlocking geothermal anywhere
HAMILTON, Bermuda and BRATISLAVA, Slovakia, March 30, 2022 /PRNewswire/ — Nabors Industries Ltd. (“Nabors” or the “Company”) (NYSE:NBR) is adding to its clean energy portfolio with a $8 million investment in GA Drilling, as (“GA Drilling”). This strategic investment expands Nabors’ commitment to deep drilling technologies exploiting ultra-hot and ultra-deep rock reservoirs.
GA Drilling, a geothermal technology company headquartered in Bratislava, Slovakia, is a pioneer in plasma drilling. By integrating its innovative and contactless PLASMABIT® drilling tool in Nabors state-of-the-art low-emissions and automated drilling operations, the collaboration aims to accelerate commercialization in the field and eliminate traditional economic barriers of ultra-deep projects to expand global access to energy geothermal. This agreement completes the pre-series investment round recently concluded by GA Drilling, with the total value of these new investments exceeding USD $20 million.
Nabors continued to implement its energy transition strategy targeted at energy markets with high growth potential and decarbonized. Through its investments in multiple clean energy businesses, Nabors has begun to establish several complementary technology ecosystems that can benefit from synergies with Nabors’ existing operations and skills.
GA Drilling joins the Nabors geothermal ecosystem, which includes three other previous investments in geothermal ventures. These technologies have been deliberately put together to help make geothermal energy widely accessible across geographies, while reducing the cost per unit of energy produced to match the cost of other energy sources.
Achieve decarbonization targets
Geothermal energy is one of the only clean, renewable and reliable basic energy sources; However, due to the limited geographic distribution of high temperature gradients and high legacy drilling costs, its full potential remains largely untapped. PLASMABIT® is designed to enable ultra-deep drilling in hard, high-temperature formations at a cost comparable to unconventional horizontal drilling. Using an electric arc with a chemically assisted plasma pulse, this lab-proven drill bit aims to penetrate crystalline rock at high penetration rates, at depths exceeding 10 km (6.2 miles). Clean electricity is generated by producing heated water in the earth’s crust and converting it to energy on the surface. Building on a common technology ecosystem and infrastructure and the ability to access geothermal energy almost anywhere, this solution is expected to accelerate and expand the availability of carbon-free fuel options for power generation.
Anthony G. PetrelloNabors Chairman and CEO said, “Now is the time to invest in bold, innovative geothermal solutions that have the potential to unlock terawatts of clean, renewable and reliable energy on a truly global scale. Given the expected strong growth in global energy consumption over the coming decades, the world will need even stronger growth in sustainable energy supply. I am convinced that geothermal energy will be a key contributor to the necessary increase in clean energy production. With our unparalleled portfolio of drilling, automation and digitization technologies, Nabors intends to become a key player in the future expansion of geothermal energy. We look forward to leveraging the GA Drilling Center of Excellence and integrating their technologies into our ecosystem. »
Igor Kočiš, Founder and CEO of GA Drilling, said: “We welcome Nabors not only as an investor but also as a strategic partner. This agreement will allow us to move more quickly in the final stages of PLASMABIT.® development, leveraging synergies to integrate this revolutionary drilling tool into rig systems. Nabors will introduce high-tech European capabilities to the US market. Together, we will work to meet looming demand to quickly diversify the global energy mix. Thanks to this collaboration, we have taken another great step towards realizing our promise of “Geothermal Anywhere”. »
About Nabors Industries
Nabors Industries (NYSE: NBR) is a leading provider of advanced technologies to the energy industry. With operations in more than 15 countries, Nabors has established a global network of people, technology and equipment to deploy solutions that deliver safe, efficient and responsible power generation. Building on its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors aims to innovate the future of energy and enable the transition to a low carbon world. Learn more about Nabors and its leadership in energy technologies: www.nabors.com.
About GA Drilling
GA Drilling, with its patented PLASMABIT® technology, offers a solution for a local and independent source of electricity, heating, drinking water and food production in an unstable world. The company will provide scalable and modular solutions for zero-carbon energy generation. Geothermal energy is the only renewable source of clean, baseload energy available 24/7/365. It works regardless of weather conditions or the day-night cycle. PLASMABIT® brings significant reduction in operating time and cost savings, drilling faster, deeper and more cost-effectively through any material, including hard rock and steel. The technology is the result of years of R&D, with 23 patents filed, supported by a full-time team of over 50 engineers and researchers, industry funding, investors, around 20 EU research grants and strategic technology development partnerships with drilling industry leaders from EuropeUnited States and Asia: www.gadrilling.com.
CEO, GA Drilling
+421 2 2092 0100
William C. Conroy
SOURCENabors Industries Ltd.