Canopus, a drilling solutions platform based in The Hague, announced on Friday September 16 that it had secured €2.6 million in a funding round from impact investors SHIFT Invest and ENERGIIQ.
The Dutch company said it would use the funds to expand the organization of system testing at TNO’s Rijswijk Center for Sustainable Geoenergy and the first field test drilling for geothermal power generation.
According to Canopus, about half of the energy used in Europe is used for heating. Geothermal energy is one of the cleanest and most sustainable means of heat supply, and is an indispensable part of the energy transition.
Canopus: what you need to know
Founded by Jan Jette Blangé, Canopus has developed a revolutionary drilling technique that makes sustainable and reliable heat supply significantly cheaper worldwide.
The company’s drilling technology is based on jet and advanced underground navigation. Canopus claims its technology can steer a drilling unit with precision and enable it to drill long horizontal wells.
Jan Jette Blangé is the inventor of the Shell Abrasive Jet Drilling patent portfolio.
Following a doctorate. in atomic physics, he joined the Hard Rock Drilling team of the R&D department of Shell Wells. Later, he became a project manager and department head, managing various projects for the development and commercialization of well construction technologies, including abrasive blasting, directional drilling, drilling automation, automatic control of well properties mud and drill string dynamics.
He was also directly responsible for the construction of the surface and downhole prototype construction equipment, including the abrasive injection system and rotary steerable systems.
“We aspire to be a beacon for geothermal drilling, guiding drilling units to new horizons, opening up new possibilities for geothermal reservoir development projects,” the company says.
About SHIFT Invest
Founded in 2009, SHIFT Invest is a Dutch impact venture capital fund that invests in innovations related to food and agriculture, green industries, energy transition, sustainable mobility and logistics. It supports startups that achieve positive environmental impact and financial return.
Earlier this month, the VC also invested in Amsterdam-based startup OMRT.
ENERGIIQ offers various tailor-made financial instruments, including stocks and loans. Additionally, the company claims to provide funding to SMEs that commercialize their proven energy innovation.
It invests between €200,000 and €4.3 million, with ENERGIIQ supporting a maximum of 50% of the total investment required, and 50% must come from private co-investors.
Watch our interview with Paul Down, Head of Sales at Intigriti.