As the global push for renewable energy accelerates, a new joint venture is set to reshape the geothermal sector. Subsurface and well engineering specialist Elemental Energies has joined forces with Iceland Drilling Company (Iceland Drilling) to offer integrated well engineering and project delivery solutions for geothermal projects worldwide.
This partnership merges Iceland Drilling’s extensive experience in high-temperature geothermal drilling—supported by its fleet of modern hydraulic drilling rigs—with Elemental Energies’ expertise in subsurface and well management. Together, the two companies bring over a century of combined experience, having delivered hundreds of geothermal wells across the globe.
The geothermal industry is gaining momentum, fueled by decarbonization goals and advancements in drilling technology. With the International Energy Agency (IEA) predicting that geothermal could supply up to 15% of global electricity demand by 2050, equivalent to the combined electricity consumption of the U.S. and India today, the need for specialized expertise and project efficiency has never been greater.
According to the IEA, investment in geothermal energy is expected to reach $1 trillion by 2035 and $2.5 trillion by 2050. As demand rises, geothermal developers require a seamless, cost-effective approach to project execution—precisely what this new joint venture aims to provide.
By integrating well engineering, subsurface expertise, and advanced geothermal drilling services, the joint venture will support developers in reducing costs, streamlining operations, and ensuring project success. The approach consolidates:
- Early project planning and feasibility studies
- Subsurface modeling and conceptual engineering
- Integrated drilling services and well construction
- Full project management and operational execution
Mike Adams, CEO of Elemental Energies, emphasized the strategic importance of the collaboration:
“We are incredibly excited about the potential this joint venture offers. 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.”
With the geothermal industry poised for expansion, projects will need consolidated expertise to meet increasing demand. The joint venture aims to enhance coordination, reduce risk, and manage costs, making geothermal development more efficient and financially viable.
Sveinn Hannesson, CEO of Iceland Drilling, highlighted the role of integrated solutions:
“As projects scale, they will require consolidated expertise. 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.”
With the partnership aligning complementary strengths, this collaboration is set to play a pivotal role in the next phase of geothermal energy growth, ensuring more streamlined, sustainable, and scalable solutions for the future.
