The Hague-based Canopus, a drilling solutions platform, announced on Wednesday that it has secured €3M follow-up investment led by the new investor Underground Ventures, and existing investors SHIFT and ENERGIQ.
The announcement was made during the Global Geothermal Impact Summit 2024 in The Hague, organised by the International Geothermal Association (IGA).
The Dutch company will use the funds to accelerate its growth and its drilling technology.
The funding comes two years after raising €2.6M from SHIFT Invest and ENERGIIQ in 2022.
Importance of Geothermal energy
Geothermal energy is a clean and renewable energy source that uses Earth’s core heat to generate electricity and heat. It is available everywhere, produces minimal greenhouse emissions, and is always available.
Geothermal energy accounts for only 1 percent of global energy needs, but it is a sleeping energy giant that, if installation costs are reduced, can play a significant role in the energy transition.
Canopus has invented a technology that can unlock the immense potential of geothermal energy.
Canopus: Unleashing potential of geothermal energy
Founded by Jan Jette Blangé, Canopus has developed a disruptive drilling technique — Directional Steel Shot Drilling technology, that makes sustainable and reliable heat supply substantially cheaper worldwide.
“We call our innovation ‘Directional Steel Shot Drilling’ (DSSD) and it combines conventional diamond drilling technology with the erosion of steel particles smaller than 1 mm. The combination of mechanical drilling and steel shot erosion ensures that drilling can be done much faster and that steering is easier. DSSD reduces drilling time and can drill branched borehole structures that have very good thermal contact with the hot layers of the earth,” says Jan Jette Blangé, CEO of Canopus.
The company’s drilling technology is based on jetting and advanced underground navigation. Canopus says its technology can steer a drilling unit accurately and allow it to drill long horizontal wells.
In South Holland, the abundance of geothermal resources offers a unique opportunity to diversify the energy mix and stimulate economic growth. The Hague is becoming the global center for geothermal energy, housing TNO’s Rijswijk Center for Sustainable Geo-energy and the International Geothermal Association.
RCSG is an open innovation lab, where companies can test and demonstrate their new drilling techniques, materials, and other innovations.
The latter represents the global geothermal industry to international organisations such as the United Nations, the World Bank, the International Renewable Energy Agency, and the International Energy Agency.
The investor
Underground Ventures is a new fund from Denmark dedicated to and specialised in geothermal energy investments.
“This investment underlines our commitment to grow this sector that we see as essential to solving the energy crisis,” says Torsten Kolind, the fund manager.
SHIFT Invest is a Dutch impact venture capital fund that invests in innovations related to food & agriculture, green industries, energy transition, and sustainable mobility & logistics. It backs startups that are achieving a positive environmental impact and financial return.
Koen Hooning, partner at SHIFT Invest, adds that “geothermal energy has the potential to contribute significantly to the energy transition, provided it is given sufficient resources and focus and innovative companies such as Canopus are supported.”
Read the orginal article: https://siliconcanals.com/news/startups/dutch-startup-canopus-bags-3m/
