The South Australian Government is supporting Adelaide-based start-up CoilRig, whose mission is to commercialise new technology that will make installing geothermal heat pumps cheaper, safer and more efficient.
CoilRig has developed an innovative coiled tubing drilling rig that offers drilling operators and consumers a cost-effective solution for installing geothermal heat pumps—an underground pipe system using geothermal energy to heat and cool homes and buildings.
Unlike traditional drill rigs that require drill rods to be connected and disconnected multiple times during the drilling, CoilRig uses a continuous ‘coiled tubing’ drill pipe, which is wound onto a reel and unrolls as it drills into the ground, increasing installation efficiency and safety.
The high-tech design also reduces the bending and stretching of the tubing, helping it last three times longer and resulting in significant cost savings for rig operators.
CoilRig’s new drilling rig has the potential to address one of the biggest barriers to consumer adoption—high upfront installation costs. Research into developing the new technology has been undertaken by Coilrig in partnership with researchers from the University of South Australia, Minex CRC and other industry partners.
With support from a $450,000 South Australian Government Seed-Start grant and matched funding, CoilRig will undertake product development and commercialisation, including lab testing, purchasing specialised software and materials, and on-site trials and testing with their US-based customer.
CoilRig director and co-founded Soren Soe said, “CoilRig’s new drilling rig design is a significant advancement in the geothermal drilling industry, offering lower cost drilling, enhanced safety and greater efficiency.
“Our product represents a strategic shift towards more sustainable drilling practices and is poised to meet the growing demands of the renewable energy market.
“We see our technology leveraging local businesses and research institutions to create new revenue streams, while also driving growth in Australia’s renewable energy imports and exports.”
