The coiled tubing drilling rig of CoilRig
Wedoany.com Report-Feb 19, Adelaide-based geothermal drilling startup CoilRig will be receiving a $450,000 grant from the Department of State Development of the Government of South Australia to undertake product development and commercialization. The company had also previously received $250,000 of funding from the Australian government through the Industry Growth Program.
“We are excited to be a part of the Industry Growth Program which helps expand the pipeline of Australia’s emerging small and medium manufacturers in the National Reconstruction Fund priority areas,” said Kate McRostie, CEO & Co-Founder of CoilRig. “To have this funding will immensely help us to complete additional R&D, validate our results and market these to the renewables sector.”
CoilRig has developed an innovative coiled tubing drilling rig that offers drilling operators and consumers a cost-effective solution for installing geothermal heat pumps. Unlike traditional drill rigs that require drill rods to be connected and disconnected multiple times during the drilling, CoilRig uses a continuous ‘coiled tubing’ drill pipe, which is wound onto a reel and unrolls as it drills into the ground, increasing installation efficiency and safety.
The design also reduces bending and stretching of the tubing, thus helping it last three times longer and resulting in more cost savings for rig operators.
Research into developing the new technology has been undertaken by Coilrig in partnership with researchers from the University of South Australia, Minex CRC, and other industry partners.
Prototype testing in 2025
The funding will go towards further product development and commercialization of the technology, including lab testing, purchasing specialised software and materials, and on-site trials and testing with their US-based customer. CoilRig is currently manufacturing its first prototype in Adelaide, which will be exported to New York State in 2025 after simulated field testing and trials.
According to Director and Co-Founder of CoilRig, Soren Soe, the biggest barrier to adopting geothermal energy in buildings is the cost of drilling. “The cost of drilling can make up to 50% of the total installation costs. This is where CoilRig can provide customers with a distinct and competitive advantage, as our drilling rigs offer increased efficiency and effectiveness due to the innovative components designed by our team.”
Shane Fox, Engineering Manager at CoilRig, emphasizes that the technology is unique to the Australian industry. “We have developed coiled tubing drilling equipment for the minerals industry, but this has never been done in Australia for the geothermal industry. Once we have demonstrated these results – and validated them in a simulated field trial –we can utilise this data to develop future rigs.”
