The Hague-based Canopus, a drilling solutions platform, announced on Friday, 16 September that it has secured €2.6M in a round of funding from impact investors SHIFT Invest and ENERGIIQ.
The Dutch company says it will use the funds to expand the organization for systems tests at TNO’s Rijkswijk Center for Sustainable Geo-Energy and the first field test drilling for geothermal energy production.
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According to Canopus, about half of the energy used in Europe is used for heat. Geothermal energy is one of the cleanest and most sustainable ways of supplying heat, and it is an essential part of the energy transition.
Canopus: What you need to know
Founded by Jane Jett Blange, Canopus has developed a disruptive drilling technology that makes sustainable and reliable heat supplies much cheaper around the world.
The company’s drilling technology is based on jetting and advanced underground navigation. Canopus says its technology can precisely steer a drilling unit and allow it to drill long horizontal wells.
Jane Jett Blange is the inventor of the Shale Abrasive Jet Drilling Patent Portfolio.
a Ph.D. in nuclear physics, he joined the hard rock drilling team of the Shell Wells R&D department. Later, he became Project Lead and Department Lead, managing various well construction technology development and commercialization projects, including Abrasive Jetting, Directional Drilling, Drilling Automation, Automatic Mud Property Control and Drill String Dynamics.
He was also directly responsible for manufacturing surface and downhole prototype well construction hardware, including abrasive injection systems and rotary steerable systems.
“We aspire to be a guiding light for geothermal drilling, navigating drilling units toward new horizons, opening up new possibilities for geothermal reservoir development projects,” says the company.
About shift investing
Founded in 2009, SHIFT Invest is a Dutch-influenced venture capital fund that invests in innovations related to food and agriculture, the green industry, the energy transition, and sustainable mobility and logistics. It supports startups that are achieving positive environmental impact and financial returns.
Earlier this month, the VC also invested in Amsterdam-based OMRT startup.
ENERGIIQ offers various tailor-made financial instruments including shares and loans. In addition, the firm claims to provide funding to SMEs who commercialize their proven energy innovation.
It invests between €200K and €4.3M, making ENERGIIQ a maximum of 50 percent of the total investment required, and 50 percent must come from private co-investors.
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