Canopus Drilling Solutions has secured a €3 million investment led by Underground Ventures to advance its innovative geothermal drilling technology, aiming to enhance the role of geothermal energy in the global energy transition.

Target Information

Canopus Drilling Solutions Geothermal BV has successfully secured a €3 million follow-on investment, announced at the Global Geothermal Impact Summit 2024 in The Hague. This funding round was led by Underground Ventures, a new investor, alongside support from existing investors SHIFT and ENERGIIQ. Canopus specializes in developing innovative geothermal drilling technologies, most notably its Directional Steel Shot Drilling (DSSD) technology, which offers transformative potential in the geothermal sector.

The DSSD technology uniquely combines traditional diamond-cutting techniques with the erosion of steel particles smaller than 1 mm. This approach not only accelerates drilling speed but also enhances the precision of borehole steering. As a result, DSSD significantly decreases drilling time while allowing for branched borehole structures that establish excellent thermal contact with the Earth’s hotter layers. This advancement is crucial in unlocking geothermal energy's latent potential.

Industry Overview in the Netherlands

Geothermal energy is a sustainable and renewable resource extracted from the Earth's core for heating and power generation. Globally, geothermal remains underutilized, providing only about 1% of the world's energy needs despit