The South Australian Government is supporting an Adelaide-based startup on their mission to commercialise technology that will make installing geothermal heat pumps cheaper, safer and more efficient, meeting the growing global demand for clean energy.
CoilRig has developed an innovative coiled tubing drilling rig that offers drilling operators and consumers a cost-effective solution for installing geothermal heat pumps - an underground pipe system using geothermal energy to heat and cool homes and buildings.
Unlike traditional drill rigs that require drill rods to be connected and disconnected multiple times during the drilling, CoilRig uses a continuous coiled tubing' drill pipe, which is wound onto a reel and unrolls as it drills into the ground, increasing installation efficiency and safety.
The hi-tech design also reduces the bending and stretching of the tubing, helping it last three times longer and resulting in significant cost savings for rig operators.
CoilRig's new drilling rig has the potential to address one of the biggest barriers to consumer adoption - high upfront installation costs. Drilling costs can account for up to 50 per cent of the total installation expense for residential geothermal heat pumps, limiting their widespread use.
Research into developing the new technology has been undertaken by Coilrig in partnership with researchers from the University of South Australia, Minex CRC and other industry partners.
With support from a $450,000 Department of State Development Seed-Start grant and matched funding, CoilRig will undertake product development and commercialisation, including lab testing, purchasing specialised software and materials, and on-site trials and testing with their US-based customer.
The startup has also recently received $250,000 in Australian Government funding through the Industry Growth Program.
CoilRig Director and Co-Founder Soren Soe says the new drilling rig design is a significant advancement in the geothermal drilling industry, offering lower cost drilling, enhanced safety and greater efficiency.
"Our product represents a strategic shift towards more sustainable drilling practices and is poised to meet the growing demands of the renewable energy market," Mr Soe said.
We see our technology leveraging local businesses and research institutions to create new revenue streams, while also driving growth in Australia's renewable energy imports and exports.
"CoilRig is proudly South Australian owned and we're extremely thankful to the Government of South Australia, as well as UniSA who have been an integral part of supporting us to expand into international markets."
Seed-Start grants provide early-stage startups with matched funding to help them commercialise an innovative product or service.
