Geothermal is too expensive, but Dig Energy's small drill rig might fix that
17 hours ago
- #geothermal
- #clean-energy
- #startup
- Dig Energy developed a compact water-jet drilling rig to make geothermal heating and cooling more affordable.
- The startup aims to reduce drilling costs by up to 80%, making geothermal systems competitive with fossil fuel alternatives.
- Dig Energy secured $5 million in seed funding led by Azolla Ventures and Avila VC.
- Heating and cooling account for about a third of U.S. energy use, with geothermal offering significant savings.
- Shallow geothermal, Dig's focus, is ideal for residential and commercial buildings, maintaining consistent temperatures year-round.
- Current geothermal drilling rigs are large and expensive, limiting accessibility and increasing costs.
- Dig's smaller, more precise rig allows for closer borehole placement, benefiting developers.
- The company plans to sell its rigs to drillers, expanding market access and reducing entry barriers.
- Geothermal adoption remains low (1%) due to high upfront costs, despite long-term savings.
- Dig's technology could help close the gap, making geothermal viable for widespread use.