Well engineering and well management specialist Elemental Energies (Elemental) has announced a joint venture with geothermal drilling contractor Iceland Drilling Company (Iceland Drilling) for the provision of integrated well engineering and project delivery solutions for the global geothermal market.
The joint venture unites Iceland Drilling’s expertise in high-temperature geothermal drilling with Elemental’s subsurface and well engineering capabilities.
As momentum continues to increase in the global geothermal sector, driven by decarbonisation targets and technology advancements, the joint venture will support increasing project demand by integrating well engineering, subsurface, drilling and project management. This approach will assure supply, leverage best practices and help reduce project costs through integrated efficiencies.
Mike Adams, CEO of Elemental Energies, said, “By combining our technical expertise in subsurface and well engineering with Iceland Drilling’s advanced geothermal drilling services, we are in a strong position to lead the charge in delivering scalable solutions to the global geothermal market. We are committed to supporting the next phase in the sector’s growth and are proud to be doing so alongside Iceland Drilling.”
Sveinn Hannesson CEO of Iceland Drilling, commented, “This partnership represents a unique opportunity to expand our role in the geothermal sector. As projects scale, they will require consolidated expertise to meet increasing demand. This JV brings together leading capabilities in well engineering and well construction to enhance coordination, reduce risk, and manage costs. By integrating these critical services, we aim to accelerate project execution and make geothermal development more efficient and cost-effective.”
The joint venture will offer a full suite of integrated services, including early project planning, feasibility studies and subsurface modelling through to conceptual and detailed engineering, integrated drilling services, project management and operational execution.