The Government of South Australia is showing its support to Adelaide-based star-up CoilRig which is on a mission to commercialise new technology to make the installation of geothermal heat pumps cheaper, safer and more efficient.
CoilRig has developed an innovative coiled tubing drilling rig which offers operators and consumers a cost-effective solution for installing heat pumps. Unlike traditional drill rigs that require rods to be connected and disconnected throughout the during process, CoilRig uses a continuous ‘coiled tubing’ drill pipe which is wound onto a reel and unrolls as it drills into the ground.
The design also reduced the bending and stretching of the tubing, helping it to last three-times longer and resulting in significant cost savings for operators.
The new rig has the potential to address one of the biggest barriers to consumer adoption – high upfront installation costs which can account for up to 50% of the total expense for residential geothermal heat pumps.
Soren Soe, Director and Co-Founder of CoilRig, said, “CoilRig’s new drilling rig system is a significant advancement in the geothermal drilling industry, offering lower cost drilling, enhanced safety and great 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.”
With support from a AUD$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.
The start-up will also use the funds to drive strategic market entry at local trade shows in the US east Coast market, where heat pump systems are more common than in Australia.
Susan Close, Deputy Premier for the Department of State Development, Government of South Australia, commented “Manufactured right here in South Australia, CoilRig has designed a product to significantly reduce the costs for customers around the world to access geothermal energy for heating and cooling. Our state is already a global leader in renewable energy production and uptake, and now we’re investing in the research technologies and businesses that drive the green transition of our industries.”