Who Is Really Funding Next-Gen Geothermal in 2026? Next-generation geothermal has moved beyond laboratory research into a capital-intensive commercialization phase. In 2026, the most important financing is no longer coming from one investor category: venture capital funds are financing drilling, subsurface modelling and hardware; strategic energy companies are providing equipment, project access and market credibility; banks are beginning to lend against contracted projects; and governments are absorbing exploration and first-of-a-kind technology risk. The strongest financing activity is concentrated in the United States and Canada, but Europe is becoming increasingly important through Germany-based deployment, European Union grants, UK innovation support, and strategic participation from European energy companies. The central investment question is changing from “Can this technology work?” to “Can the developer deliver repeatable, financeable projects at commercial cost?” The 2026 fun...
Marriott Drilling to Support Tenerife’s First Deep Geothermal Wells with SGI Collaboration
Marriott Drilling Group has been awarded a borehole rig services contract by Soluciones Geotérmicas Integradas (SGI) to deliver Tenerife’s first deep geothermal wells. This landmark project marks a significant step toward unlocking the Canary Islands’ untapped renewable energy potential.
SGI, headquartered in Madrid, Spain, and a wholly owned subsidiary of TAQA (Industrialization & Energy Services Company), is leading Tenerife’s first deep geothermal exploration campaign. Marriott Drilling has been commissioned as the sole drilling contractor to provide high-performance geothermal borehole services, supporting the island’s transition to cleaner energy.
The project, set to begin in 2025, is commissioned by Energía Geotérmica de Canarias (EGC)—a consortium comprising Reykjavik Geothermal, DISA, ITER, and Involcan. The campaign aims to evaluate geothermal electricity generation feasibility and reduce Tenerife’s reliance on imported fossil fuels by drilling exploratory wells reaching depths between 2,500 and 3,000 meters.
With over forty years of experience in high-temperature drilling across three continents, Marriott Drilling brings unmatched expertise to this pioneering initiative. By collaborating closely with SGI, Marriott Drilling is committed to delivering a safe and successful campaign that supports a cleaner and more resilient energy future for the Canary Islands.
This project highlights the growing importance of geothermal energy as a sustainable and reliable source of power, driving energy transition and supporting global efforts to reduce carbon emissions.
Source:Reykjavík

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