GA Drilling receives 4.2 m Euro investment from Lead Ventures and signs service agreement with MOL Group

InnoEnergy awarded GA Drilling with 4 m Euro investment back in 2018 under the Innovation Project scheme. Now, the highly innovative company receives another funding from Lead Ventures and signs a service agreement with MOL Group to perform onshore field testing on the MOL hydrocarbon wells and to commercialise its plasma drilling technology.

GA Drilling is a hi-tech company developing a breakthrough plasma drilling and milling technology, PLASMABIT. The innovative solution brings positive environmental impact and enables massive time and cost savings compared to related existing technologies. PLASMABIT has a potential to radically change other industry segments such as plug and abandonment of the old wells in oil & gas industry, tunneling, mining exploration, mining minerals and others. Company’s ultimate vision is to provide access to the truly sustainable and unlimited geothermal energy source, making 70% of earth’s area feasible for geothermal potential.

Igor Kočiš, co-founder and CEO of GA Drilling comments on the partnership with MOL Group and Lead Ventures – GA Drilling now has the ability to commercialize its technology with a major oil company in an operational environment as an integrated services company. We can now optimise our PLASMABIT P&A process and prove the commercial effectiveness of the application for the global market. Having MOL Group and Lead Ventures as strategic partners demonstrate the transition, we are making from a technology company to an international service focused business.

GA Drilling strives to develop a strategic partnership with other oil companies to test and improve its technology worldwide. In the currently opened Series “B” round of financing, the company has contracted more than 85% of the round’s investment volume.