The JV brings together Iceland Drilling’s expertise in high-temperature geothermal drilling, through their fleet of modern hydraulic drilling rigs, with Elemental Energies’ subsurface and well engineering capabilities.
With increasing momentum in geothermal sector activity, driven by decarbonization targets and advancements in geothermal technology, the JV will support increasing project demand by integrating well engineering, subsurface, drilling, and project management. This approach will assure supply, leverage best practice and help reduce project costs through integrated efficiencies, allowing developers to access the skills and services needed for successful project delivery.
“We are incredibly excited about the potential this joint venture offers,” said Mike Adams, CEO of Elemental Energies. “By combining our technical expertise in subsurface and well engineering with Iceland Drilling’s advanced geothermal drilling services, we are in a strong position to lead the charge in delivering scalable solutions to the global geothermal market.”
According to the International Energy Agency, geothermal could supply up to 15% of global electricity demand growth by 2050, generating nearly 6,000 terawatt-hours per year, equivalent to the current electricity demand of the US and India combined. With cumulative investment projected to reach $1 trillion by 2035 and $2.5 trillion by 2050, demand for geothermal delivery capabilities and expertise will be high.
Sveinn Hannesson, CEO of Iceland Drilling, added, "This partnership represents a unique opportunity to expand our role in the geothermal sector. As projects scale, they will require consolidated expertise to meet increasing demand. This JV brings together leading capabilities in well engineering and well construction to enhance coordination, reduce risk and manage costs. By integrating these critical services, we aim to accelerate project execution and make geothermal development more efficient and cost-effective."
The joint venture will offer a full suite of integrated services, including early project planning, feasibility studies and subsurface modelling through to conceptual and detailed engineering, integrated drilling services, project management and operational execution. These services can be tailored to support projects at any stage, whether clients require fully integrated solutions or standalone services.
