April 23, 2019 Tuesday
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Oil industry
Hungarian investment in Slovakia-based drilling company
GA Drilling has signed a EUR 4.2 million funding agreement with Lead Ventures and a service agreement with MOL Group. Lead Ventures, a Budapest based venture capital firm invested funds provided by MOL Group, and Hungarian Eximbank.
Diplomacy&Trade online | April 1, 2019

The deal gives GA Drilling access to onshore production wells to test its disruptive PLASMABIT plug & abandonment (P&A) technology in real field conditions. The agreement is a major step in enabling the commercialization of the PLASMABIT technology, which can bring positive environmental impacts, and significant cost and time reductions when compared to conventional methods of decommissioning of unused oil wells.

GA Drilling is a world pioneer in developing innovative technology for contactless drilling and P&A milling using its proprietary electric plasma disintegration process. The technology opens opportunities within multiple sectors with the initial focus being the environmental plug and abandonment of old wells, slot recovery and other decommissioning services. In parallel, the company continues to develop further applications for hard rock drilling enabling access to deep geothermal energy, as well as tunneling and mining of raw minerals.

As the CEO of Lead Ventures Ábel Galácz pointed out, “the novel solution developed by GA Drilling has the potential to positively disrupt a very traditional segment of the energy markets. In our view, this is one of the most promising energy innovations in the Central European region. Lead Ventures is committed to support those innovative companies that require substantial funding to further their development and have the potential to be the next success story in Central Eastern Europe.”

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