Nabors Industries Ltd. magnifies its clean energy portfolio with a USD 8 million investment in GA Drilling, a pioneer ultra-deep geothermal and plasma drilling technology innovator headquartered in Bratislava, Slovakia. This strategic investment will strengthen Nabors' commitment to ultra-hot, ultra-deep rock reservoirs through deep-drilling technologies.
The collaboration aims to fast-track field commercialization and eliminate traditional economic barriers to ultra-deep projects. This will be done by integrating its innovative and contactless PLASMABIT® drilling tool into Nabors' industry-leading automated and lower-emission drilling operations. The agreement supplements GA Drilling's recent pre-series investment round, which is core than USD 20 million in new investments.
Nabors has continued implementing its energy transition strategy aimed at high-growth and low-carbon energy markets. In addition, Nabors has begun to establish several ecosystems of complementary technologies that can benefit from synergies with Nabors' overall operations and competencies through its investments in multiple clean energy ventures.
"We welcome Nabors as an investor and a strategic partner. This agreement will allow us to move faster through the final stages of PLASMABIT® development, leveraging the synergies to integrate this revolutionary drilling tool into the rig’s systems. Nabors will introduce European high-technology capacities into the U.S. market. Together, we will work toward meeting imminent demand to diversify the global energy mix rapidly. We have made another big step toward delivering on 'Geothermal Anywhere’."
Igor Kočiš, Founder and CEO of GA Drilling
Whereas Anthony G. Petrello, Nabors Chairman, CEO and President, also said: "Now is the time to invest in innovative and bold geothermal solutions that have the potential to unlock terawatts of clean, renewable and reliable energy on a truly global scale. Given the expected sharp growth in global energy consumption over the following decades, the world will require robust growth in sustainable energy supply. I am convinced that geothermal energy will be a crucial contributor to the necessary increase in clean energy generation. With our unparalleled automation and digitalization technologies drilling portfolio, Nabors intends to become a vital player in the impending expansion of geothermal energy. We look forward to leveraging the GA Drilling Centre of Excellence and integrating their technologies into our ecosystem."