Elemental Energies and Iceland Drilling have launched a global geothermal joint venture to provide tailored solutions to the market.
Subsurface, Elemental Energies, well engineering and well management specialist, and Iceland Drilling Company, geothermal drilling services contractor, have entered into a joint venture (JV) to provide integrated well engineering and project delivery solutions for the global geothermal market.
The JV brings together Iceland Drilling’s experience in high-temperature geothermal drilling with Elemental Energies’ subsurface and well engineering capabilities. With over 70 years of experience and several hundred geothermal wells delivered worldwide, Iceland Drilling is a specialist in the delivery of geothermal well construction. Elemental Energies has a track record in well management spanning over 35 years, with experience supporting global geothermal projects.
With increasing momentum in geothermal sector activity, driven by decarbonisation targets and advancements in geothermal technology, the JV will support increasing project demand by integrating well engineering, subsurface, drilling, and project management. This approach will assure supply, leverage best practice, and help reduce project costs through integrated efficiencies, allowing developers to access the skills and services needed for project delivery.
Mike Adams, CEO of Elemental Energies, commented: “We are incredibly excited about the potential this JV offers – by combining our technical experience in subsurface and well engineering with Iceland Drilling’s advanced geothermal drilling services, we are in a position to contribute to delivering scalable solutions to the global geothermal market.”
According to the International Energy Agency, geothermal could supply up to 15% of global electricity demand growth by 2050, generating nearly 6000 TW per year, equivalent to the current electricity demand of the US and India combined. With cumulative investment projected to reach US$1 trillion by 2035 and US$2.5 trillion by 2050, demand for geothermal delivery capabilities and expertise will be high.
Sveinn Hannesson, CEO of Iceland Drilling, added: “This partnership represents an opportunity to expand our role in the geothermal sector. As projects scale, they will require consolidated expertise to meet increasing demand. This JV brings together capabilities in well engineering and well construction to enhance coordination, reduce risk, and manage costs. By integrating these critical services, we aim to accelerate project execution and make geothermal development more efficient and cost-effective.”
The JV will offer a range of integrated services, including early project planning, feasibility studies, and subsurface modelling through to conceptual and detailed engineering, integrated drilling services, project management, and operational execution. These services can be tailored to support projects at any stage, whether fully integrated solutions or standalone services.
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
Energy Global’s Winter 2024 issue
Don’t miss out on our last issue of the year! The Winter issue of Energy Global is out now; this issue kicks off with a guest comment from Veronica Maxted, Director of Renewables at RS Group before moving on to a regional report on the current state of the renewables industry in North America. This edition of the magazine also explores key topics such as inspection and maintenance, solar optimisation, energy storage technology, geothermal drilling and operations, and much more. With contributions from key industry leaders such as Viridien, Hexagon, DNV Energy Systems, and Halliburton, among others, dive into the issue and see what you could learn.
Read the article online at: https://www.energyglobal.com/other-renewables/20022025/elemental-energies-and-iceland-drilling-launch-global-geothermal-joint-venture/
#Elemental #Energies #Iceland #Drilling #launch #global #geothermal #joint #venture