Subsurface, well engineering, and well management company Elemental Energies and geothermal drilling services contractor Iceland Drilling have announced a joint venture (JV) to provide integrated well engineering and project delivery for the global geothermal market.
The JV brings together Iceland Drilling’s experience in high-temperature geothermal drilling through its fleet of modern hydraulic drilling rigs with Elemental Energies’ subsurface and well engineering capabilities. Icelland Drilling has delivered several hundred geothermal wells worldwide over its 70 years. Elemental Energies has more than 35 years of experience in well management spanning, with experience supporting global geothermal projects.
With increasing momentum in geothermal sector activity, driven by decarbonization targets and advancements in geothermal technology, the JV aims to support increasing project demand by integrating well engineering, subsurface, drilling, and project management. This approach is designed to assure supply, leverage best practices, and help reduce project costs through integration.
“We are incredibly excited about the potential this joint venture offers,” said Mike Adams, CEO of Elemental Energies. “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.”
According to the International Energy Agency, geothermal could supply up to 15% of global electricity demand growth by 2050, generating nearly 6,000 TW-hr per year, equivalent to the current electricity demand of the US and India combined. With cumulative investment projected expected to reach $1 trillion by 2035 and $2.5 trillion by 2050, demand for geothermal delivery capabilities and expertise will be high.
“This partnership represents a unique opportunity to expand our role in the geothermal sector,” said Sveinn Hannesson, CEO of Iceland Drilling. “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 JV aims to offer a full suite of integrated services, including early project planning, feasibility studies, and subsurface modeling through to conceptual and detailed engineering, integrated drilling services, project management, and operational execution.