The South Australian Government is supporting a start-up in Adelaide to commercialise innovative technology that will reduce the costs, risks and inefficiencies of installing geothermal heat pumps – in response to growing demand for clean energy.
CoilRig has developed a new coiled tubing drilling rig that offers operators and consumers a cost-effective solution for installing geothermal heat pumps – an underground pipe system using geothermal energy to heat and cool homes and buildings.
CoilRig will use a $450,000 Seed-Start grant from the South Australian Government and matched funding to advance and market its products. This includes lab testing, acquiring specialised software and materials, and performing on-site trials and testing with its US-based customer.
“We see our technology leveraging local businesses and research institutions to create new revenue streams while driving growth in Australia’s renewable energy imports and exports,” CoilRig Director and Co-Founder, Soren Soe, said.
The startup will also use the funds to pursue strategic market entry activities and attend local trade shows in the pivotal US East Coast market.
“Manufactured right here in South Australia, CoilRig has designed a product to significantly reduce the costs for customers around the world to access geothermal energy for heating and cooling,” South Australian Deputy Premier, Susan Close, said.
“Our state is already a global leader in renewable energy production and uptake.
Now, we’re investing in research, technologies, and businesses that are driving the green transition of our industries,” Mr Soe said.
Geothermal heat pump systems are more common in the US than in Australia. The global market was valued at US$11.97 billion in 2023 and is expected to grow by 5.6 per cent annually from 2024 to 2030.
Seed-Start grants, supported by the SA Government’s Research and Innovation Fund, provide early-stage startups with matched funding to help them commercialise an innovative product or service.
“CoilRig are proudly South Australian owned and are extremely thankful to the Government of South Australia, as well as UniSA who have been an integral part of supporting them to expand into international markets,” said Mr Soe.
For more information or to apply for a Seed-Start grant, visit the Department of State Development.
