Skip to main content

Powering the Future: Elemental Energies and Iceland Drilling Forge Global Geothermal Partnership

Elemental Energies and Iceland Drilling Join Forces to Revolutionize Global Geothermal Projects


The geothermal energy sector is experiencing a seismic shift, and two industry leaders, Elemental Energies and Iceland Drilling Company, are taking it to the next level. In a groundbreaking move, the two companies have launched a global joint venture that promises to deliver comprehensive geothermal solutions for projects worldwide. The new partnership combines Elemental Energies’ expertise in subsurface and well engineering with Iceland Drilling’s cutting-edge geothermal drilling services, creating a powerful alliance designed to meet the growing demand for clean, renewable energy.
A Bold Step Toward Sustainable Energy Solutions

With over 70 years of experience and hundreds of geothermal wells constructed globally, Iceland Drilling stands at the forefront of geothermal well construction. Meanwhile, Elemental Energies has spent more than 35 years shaping the future of well management and subsurface engineering. By combining their strengths, they are positioning themselves to take advantage of the massive potential within the geothermal energy market, which is poised for unprecedented growth.

As global decarbonization targets and technological advancements drive momentum in geothermal development, this joint venture promises to streamline project delivery and enhance efficiency. It combines well engineering, subsurface expertise, drilling services, and project management into a unified approach that helps developers reduce costs and ensure successful project outcomes.

Why Geothermal Energy?

Geothermal energy has long been touted as one of the most reliable and sustainable energy sources, and its global potential is staggering. According to the International Energy Agency, geothermal energy could account for 15% of the world’s electricity demand growth by 2050. This is equivalent to nearly 6,000 terawatt-hours per year — the combined current electricity demand of the U.S. and India.

As the global community turns toward decarbonization, geothermal energy presents a reliable, low-carbon solution. With cumulative investments in the sector projected to reach $1 trillion by 2035 and $2.5 trillion by 2050, the demand for expert geothermal drilling and engineering services will continue to grow. This is where the Elemental Energies and Iceland Drilling joint venture comes in, offering comprehensive and scalable solutions that reduce risks and accelerate project timelines. 


Seamless Integration for Efficient Project Delivery

One of the standout features of this partnership is its integrated approach. The joint venture will offer end-to-end services, from early project planning and feasibility studies to subsurface modeling, detailed engineering, and full-scale drilling and project management. This holistic service offering ensures that clients can access the full spectrum of geothermal expertise under one roof.

Whether developers are looking for fully integrated project delivery or individual services, the joint venture can tailor its offerings to meet the specific needs of each project, no matter the stage. This flexibility allows clients to capitalize on best practices and integrate efficiencies that help reduce overall costs.

Geothermal Expansion: A Global Opportunity

The need for geothermal expertise is not limited to one region. In fact, demand is increasing across the globe, with countries in Europe, Africa, and the Americas leading the charge in harnessing geothermal energy. Iceland Drilling has already made a significant mark on the global geothermal landscape, with projects completed in countries such as Kenya, Italy, the UK, and Australia. The company’s fleet of modern hydraulic drilling rigs, combined with Elemental Energies’ well engineering prowess, provides an exceptional advantage in meeting the increasing demand for geothermal solutions.

 Focus on The Azores: A Case in Point

One of the most notable projects currently underway is the geothermal expansion on the Azores Islands, Portugal. Iceland Drilling has been awarded a contract to drill up to nine geothermal wells, with an estimated depth range of 1,000 to 2,300 meters. This project is a part of the islands’ ambitious plan to boost geothermal electricity generation capacity, which currently contributes a significant portion of the islands’ energy supply.

The Azores project marks a pivotal moment for Iceland Drilling, as it is the company’s fifth geothermal drilling operation on the islands. Over the years, Iceland Drilling has successfully drilled wells that now contribute to 25% of the islands' electricity generation, with some islands relying as much as 44% on geothermal energy. The expansion plans aim to increase this capacity further, and the joint venture’s expertise will play a crucial role in ensuring timely and cost-effective execution.

Looking Ahead: A Bright Future for Geothermal Energy

As the world continues to pivot toward cleaner, more sustainable energy sources, the geothermal sector is set to play a vital role in the energy transition. With its vast global experience and cutting-edge capabilities, the Elemental Energies and Iceland Drilling joint venture is ready to lead the charge in delivering innovative, cost-efficient, and scalable geothermal solutions.

From early-stage planning to full-scale project execution, the partnership is well-equipped to address the challenges and opportunities of the rapidly expanding geothermal market. With strategic alignment and complementary expertise, this dynamic venture will play a crucial role in shaping the future of global geothermal energy.

The energy revolution is underway, and geothermal energy is one of its brightest stars. With companies like Elemental Energies and Iceland Drilling at the helm, the future of clean, sustainable energy looks brighter than ever. 

Stay tuned as this exciting partnership unfolds and watch as geothermal energy continues to rise as one of the world’s most reliable and eco-friendly energy sources!

Connect with us: XLinkeidin


Comments

Hot Topics

Driving the Heat Transition in Hanover with Eavor Technology

  A Climate-Neutral Future for Hanover’s District Heating By: Robert Buluma The city of Hanover is taking a bold step toward a climate-friendly future with the implementation of an innovative geothermal energy project by Eavor in collaboration with enercity.  This groundbreaking initiative aims to cover 15 to 20 percent of Hanover’s district heating needs using cutting-edge Eavor-Loop™ technology, significantly reducing reliance on coal-fired power plants and advancing the city's heat transition goals. The Hanover Geothermal Project: A Game Changer for District Heating Eavor is developing two Eavor-Loops™ in the Lahe district, each with a heat output of 15 MW. Once operational, this system will generate up to 250 million kilowatt hours of geothermal energy annually. This is equivalent to supplying heat for approximately 20,000 homes within the enercity supply area, ensuring a stable, renewable, and climate-neutral energy source. Replacing Coal with Sustainable Geothermal Energ...

Sanko Energi Announces Record-Breaking Discovery: Turkey’s Hottest Geothermal Production Well at 308°C

In a major breakthrough for renewable energy in Turkey, Sanko Energi has announced the successful discovery of what is now being hailed as Turkey’s hottest geothermal production well reaching an astonishing 308 degrees Celsius.  By:  Robert Buluma This record-setting temperature not only underlines the immense potential of Turkey’s geothermal resources but also marks a pivotal moment in the nation’s sustainable energy journey. A New Chapter in Turkey’s Geothermal Revolution Turkey has long been recognized as a geothermal powerhouse, thanks to its unique geological structure and abundant geothermal reservoirs. The discovery of a production well reaching 308°C by Sanko Energi pushes the limits of what was previously thought possible and signals a promising future for the country’s renewable energy sector. Key Highlights of the Discovery: Unprecedented Temperature: At 308°C, this well sets a new record for geothermal production in Turkey. Enhanced Production Potential: ...

JOGMEC Calls for Proposals on Microseismic Technology for Geothermal Exploration

Advancing Geothermal Exploration Through Passive Seismic Techniques By: Robert Buluma The Japan Organization for Metals and Energy Security (JOGMEC) has launched a competitive tender inviting qualified firms to contribute to a groundbreaking technological development project. This initiative focuses on refining microseismic array technology to enhance geothermal exploration, providing a cost-effective and adaptable method for identifying potential geothermal resources. Interested applicants have until April 21, 2025 , to submit their proposals. This initiative is part of JOGMEC’s ongoing commitment to advancing geothermal energy through innovative exploration methods. The project, titled "High-Efficiency High-Density Geothermal Exploration Technology – Development of a New Exploration Method Using Elastic Waves," seeks to optimize the detection of geothermal reservoirs by leveraging passive seismic sources. The Role of Microseismic Technology in Geothermal Exploration Tr...

Geothermal Energy: The Rising Powerhouse in the Clean Energy Transition

The global energy sector is undergoing a radical transformation, with clean, reliable, and sustainable power sources taking center stage. By: Robert Buluma Among these, geothermal energy stands out as an underutilized but highly promising resource that offers baseload power generation with near-zero carbon emissions.   The rise of advanced geothermal technologies has attracted significant investments, especially from big tech companies seeking sustainable energy solutions for their energy-intensive AI data centers. One such company making headlines is XGS Energy, a geothermal startup that recently closed a $13 million equity bridge round and is preparing for a $60 million to $100 million growth round.   This article explores how XGS Energy and other enhanced geothermal system (EGS) startups are revolutionizing the sector, unlocking geothermal energy potential beyond traditional hotspots, and why investors and technology giants are betting big on this clean energy rev...

Fervo Energy’s Potential IPO: A Turning Point for Geothermal Energy

The geothermal energy sector is witnessing a significant transformation , and Fervo Energy is at the forefront of this change.  By: Robert Buluma The innovative geothermal startup, known for integrating oil and gas drilling techniques into geothermal energy production, is considering an initial public offering (IPO) as early as next year. This potential move comes at a time when energy demand from data centers is skyrocketing , driven by artificial intelligence, cloud computing, and the ever-expanding digital economy. The global push for clean, reliable, and scalable energy solutions is creating an unprecedented opportunity for geothermal energy to emerge as a mainstream renewable power source . With substantial financial backing, strategic partnerships, and groundbreaking technology , Fervo Energy is reshaping how geothermal energy is developed and deployed. This article explores Fervo’s journey, its technological innovations, the impact of its IPO on the clean energy market...

Mori Geothermal Binary Power Plant A Venture of Ormat, SFE Engineering Corp and Tokyo Century Corporation:

In a significant stride towards sustainable energy, the Mori Binary Power Plant stands tall as a testament to innovation and collaboration. Jointly developed by JFE Engineering Corp. and Tokyo Century Corporation, this cutting-edge geothermal facility is a result of a fruitful partnership with Ormat Technologies. The Mori Binary Power Plant now proudly claims its spot as the fourth geothermal power plant in Japan, generating a robust 2 megawatts (MW) of clean power. ### Harnessing the Earth's Heat Geothermal power harnesses the Earth's natural heat to generate electricity, and the Mori Binary Power Plant takes this concept to new heights. Situated in a region blessed with geothermal potential, this plant taps into the Earth's internal heat through advanced binary cycle technology. The collaboration with Ormat Technologies, a renowned player in the geothermal energy sector, ensures that the Mori Binary Power Plant employs state-of-the-art solutions for maximum efficiency. ##...

Geothermal Projects In Africa, Countries Overview

 Geothermal Projects in Africa: Country-wise Overview By : Robert Buluma Africa is increasingly turning to geothermal energy as a sustainable solution to meet its growing electricity demands. With abundant geothermal resources spread across the continent, several countries have embarked on ambitious projects to harness this clean and renewable energy source. Let's delve into the geothermal projects in various African countries, highlighting key players and prospects. Algeria Algeria is exploring its geothermal potential, particularly in the northern regions. Although in the early stages, initiatives are underway to assess feasibility and potential locations for geothermal power plants.  Burundi Burundi has shown interest in developing its geothermal resources, primarily in the northwest region near Lake Tanganyika. The government is actively seeking partnerships with international firms to kickstart exploration and development efforts. Comoros The Comoros Islands are situated ...

XGS Energy Acquires Capuono Engineering Geothermal Service Company To Bolster Its Grip

XGS Energy  Acquires Premier Geothermal Drilling Services Company Capuano Engineering By: Robert Buluma In a bold move set to redefine the geothermal energy landscape, XGS Energy has announced the acquisition of Capuano Engineering, a leading global player in geothermal drilling and completion services. This strategic acquisition positions XGS Energy to expand its innovative geothermal technology on a global scale, leveraging Capuano Engineering's extensive expertise and experience in the field. A Leap Forward in Geothermal Technology XGS Energy , based in Palo Alto, California, has been at the forefront of geothermal energy innovation. Their proprietary Thermal Reach Enhancement (TRE) system uses materials that are 50 times more thermally conductive than rock, enabling high-efficiency closed-loop geothermal systems. Unlike conventional geothermal technologies that require specific geological conditions and access to water reservoirs, XGS’s technology can be deployed anywhere, offe...

Ignis Partners with Procubex to Advance Geothermal Exploration in Türkiye

Ignis Awards Drilling Consultancy Contract to Procubex for Geothermal Exploration in Türkiye By: Robert Buluma The global geothermal industry has marked yet another milestone as Ignis awards a prestigious drilling consultancy contract to Procubex for an upcoming deep wells campaign in Türkiye. This contract represents a significant step in Ignis' commitment to advancing sustainable energy solutions and expanding its geothermal energy portfolio. Procubex: A Leading Geothermal Consultancy Firm Procubex is a renowned engineering consultancy firm specializing in geothermal energy exploration, feasibility studies, project management, drilling operations, and well completion services. With a strong presence across Europe and Türkiye, Procubex has built a reputation for delivering cutting-edge geothermal energy solutions that drive efficiency, safety, and sustainability. Strategic Partnership for Geothermal Development Under this contract, Procubex will provide critical support in managin...

Eavor and SLB Partners To Develop Eavor Loop Technology

Eavor  & SLB : Unlocking a Revolution in Clean Energy Production By:  Robert Buluma Image: The SLB & Eavor Team at Geretsried Imagine a world where energy is not only clean but also consistent, dependable, and accessible worldwide. This vision is becoming a reality, thanks to an innovative partnership between  Eavor Technologies and  SLB (formerly Schlumberger). Together, they are pioneering a groundbreaking approach to harnessing renewable energy, promising to redefine how we produce and consume power and heat. At the heart of this collaboration lies Eavor 's revolutionary technology, the Eavor-Loop™, a closed-loop geothermal system that is unlike anything seen before. The partnership reached a critical milestone recently at Getesried, the home of the first commercial Eavor-Loop™, where the SLB and Eavor teams met to celebrate this transformative project. What Is the Eavor-Loop™? The Eavor -Loop™ is a closed-loop geothermal system that eliminates the tradi...