US firm gets funding to test water-jet drill for geothermal energy

Dig Energy, a U.S.-based startup, has secured $5 million in venture funding to pilot its innovative geothermal drilling technology aimed at drastically reducing costs. The funding round was co-led by Azolla Ventures and Avila VC, with additional support from several investors and accelerators, including the U.S. Department of Energy’s EPIC Prize. Dig Energy’s mission is to make geothermal heating and cooling cost-competitive by addressing the primary barrier: the high expense of drilling boreholes. Currently, geothermal systems account for only about 1% of U.S. building installations largely due to the use of oversized, oil-and-gas-style drilling rigs that are costly and impractical for many sites. Dig Energy has developed a compact water-jet drill that replaces traditional carbide bits with high-pressure fluid drilling, cutting drilling costs by up to 80%. This smaller, purpose-built rig is designed specifically for geothermal applications and can access urban and tight sites where demand is highest. By lowering upfront costs, Dig aims