The Hague-based Canopus, a pioneering drilling solutions platform, has secured a €3 million follow-up investment to further its innovative geothermal energy technology. This round was led by new investor Underground Ventures, alongside existing investors SHIFT and ENERGIQ, and was announced at the Global Geothermal Impact Summit 2024 in The Hague.
Canopus’s funding will be used to accelerate the development and deployment of its proprietary Directional Steel Shot Drilling (DSSD) technology. This advanced method combines conventional diamond drilling with the erosion of steel particles to enhance speed and steering capabilities in drilling operations, significantly reducing time and improving thermal contact with the earth’s hot layers.
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Innovating Geothermal Drilling
Founded by Jan Jette Blangé, Canopus has developed DSSD to make sustainable and reliable heat supply more cost-effective globally. The technology promises to revolutionize geothermal drilling by enabling the drilling of branched borehole structures quickly and efficiently, which is crucial for harnessing the earth’s heat more effectively.
The Potential of Geothermal Energy
Geothermal energy, which utilizes the heat from the Earth’s core, is a clean and renewable source that produces minimal greenhouse emissions and offers constant availability. It represents only 1 percent of global energy needs but has the potential to play a significant role in the energy transition if installation costs can be lowered.
Strategic Partnerships and Growth
The investment from Underground Ventures, a Danish fund specializing in geothermal energy, underscores a shared commitment to enhancing the sector’s growth and addressing the energy crisis. Canopus’s technology is currently operational in South Holland, a region rich in geothermal resources, positioning The Hague as a global center for geothermal energy research and development.
Supporting the Energy Transition
SHIFT Invest and other backers continue to support Canopus due to its potential to make a substantial impact on the energy transition through innovative drilling technology. Koen Hooning, partner at SHIFT Invest, highlighted the necessity of focusing resources on geothermal energy and supporting companies like Canopus that are at the forefront of this transformative industry.
With this new round of funding, Canopus is set to advance its technological capabilities and contribute to the diversification and sustainability of the global energy mix, leveraging its advanced solutions to promote a greener future.
