Elemental Energies and Iceland Drilling form global geothermal JV

Scotland-based Elemental Energies, a specialist in subsurface, well engineering and well management, has teamed up with Iceland Drilling Company, a global deep geothermal drilling services contractor, to form a joint venture (JV). The aim is to deliver integrated well engineering and project solutions to the expanding global geothermal market.

The partnership merges Iceland Drilling’s expertise in high-temperature geothermal drilling, supported by its modern fleet of hydraulic drilling rigs, with Elemental Energies’ experience in subsurface and well engineering.

As the geothermal sector gains momentum in response to decarbonisation targets and technological advancements, the partners believe the JV is well positioned to meet increasing project demand by offering a comprehensive suite of services. It will do this by integrating well engineering, subsurface analysis, drilling and project management, with the goal of streamlining processes, improving efficiency and reducing project costs.

Elemental Energies CEO Mike Adams 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.”

The International Energy Agency has forecasted that geothermal could meet up to 15% of global electricity demand growth by 2050, generating nearly 6,000 terawatt-hours per year. With investment in the sector set to reach US$1tn (£790bn) by 2035 and $2.5tn (£1.98tn) by 2050, the demand for expertise in geothermal project delivery is expected to rise.

Iceland Drilling CEO Sveinn Hannesson 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 provide a full range of services, including early project planning, feasibility studies, subsurface modelling, conceptual and detailed engineering, integrated drilling services, project management, and operational execution.

International Geothermal Association CEO Marit Brommer said: “This joint venture is exactly what the geothermal industry needs – combining expertise in well engineering, management and drilling to streamline project delivery. By bringing together Elemental Energies’ subsurface and well engineering strengths with Iceland Drilling’s world-class execution, this partnership will help de-risk and scale geothermal development globally.”