February 17, 2010
OFFICIAL PRESS RELEASE, AVAILABLE FOR FREE SHARING AND PUBLISHING
Bratislava 17th February 2009 (GEOTHERMAL ANYWHERE): Slovak company Geothermal Anywhere has been granted US$ 3.7 million in EU research funding. The end of exponential growth of costs for geothermal and hydrocarbon drilling deeper than 5-6 km could become a history soon.
The exponential growth of costs associated with the ultra deep drilling could become a history in the upcoming future. The company Geothermal Anywhere and partner companies have received a $3,7 million grants for developing a robotic platform, ULTRADRILL, which can drill in depths of 6 – 10 km much cheaper and faster than other methods.
The substantial difference between ULTRADRILL and traditional methods of ultra deep drilling is the selected method of rock disintegration; classical contact bits are replaced by contact-less plasma jets, which have a multiple destructive effect. ULTRADRILL drilling is thus several times cheaper than any of today’s technologies with larger drill hole diameter and faster penetration rate.
The technological concept already exists in the form of an operating electronic virtual design and the prototype is under development. The EU has supported the development of the authorial company and its partners in time, when the project is entering its construction phase. Authors of the concept are currently focusing on finding additional technological and construction partners as well as financial investors.
The report was provided by Geothermal Anywhere’s Michal Hudec.geothermania