GA Drilling has been awarded €4 million debt investment from InnoEnergy following a rigorous eight-month assessment and selection process, culminating with a detailed panel interview by the InnoEnergy Assessment Committee in Krakow, Poland. GA Drilling is the only one project selected from Central and Eastern Europe countries. InnoEnergy is present in 40 countries, where cooperates with more than 300 partners - the largest industrial concerns like Total, Engie (Gas de France), MOL Group, EDF, ABB; leading research and academic centres and innovative entrepreneurs, investing about € 100 million annually in solutions of cleaner, better and more efficient technologies.
The selection process assessed GA Drillings technical, financial, business, intellectual property and commercial readiness to launch its PLASMABIT technology into the Oil & Gas Market. The outcome was a positive and strong commitment to invest in and support GA Drilling gear up for first sales.
A funding scheme to support innovative sustainable energy projects was launched in 2011 by InnoEnergy, the company investing in solutions in the area of energy, cleantech, mobility and broadly understood smart technologies. Through knowledge, financing and network of contacts, InnoEnergy supports the commercialization of products and their introduction to international markets.
“It is a great validator for us. InnoEnergy assessment and decision confirmed our readiness level in all crucial areas, so now we are happy to be able to start to work with them and their members like Total or MOL to achieve onshore/offshore tests and commercialization,” said Igor Kočiš, CEO and co-founder of GA Drilling.
“Opportunities of reducing costs and environmental impact of oil and gas operations are definitely within InnoEnergy’s scope of interest, so we are looking forward to participate in delivering PLASMABIT technology to the market as soon as possible,” added Jakub Miler, CEO of InnoEnergy Central Europe.
GA Drillings partners in the application and development programme are Altus Intervention Ltd. (UK) and CEE oil & gas operator. The goal is to finalise the plasma milling technology and service delivery operation for oil & gas well plug and abandonment (P&A). Well P&A is a massive growing global market. Recent analysis with a major oil & gas operator indicated GA Drilling Plasma based milling technology (PLASMABIT) could realise up to 40% cost reductions compared to existing conventional methods.