Congratulations to Soren Soe and the MinEx CRC Project 2 team, recently awarded $450,000 in Seed-Start Grant funding from the Malinauskas Labor Government for their new tech start-up CoilRig.

CoilRig is developing innovative new technology that offers drilling 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. The global geothermal heat pump market was valued at US$12 billion in 2023 and is expected to grow by 5.6 per cent annually from 2024 to 2030.

CoilRig will undertake product development and commercialisation, including lab testing, purchasing specialised software and materials, and on-site trials and testing with their US-based customers.

For over a decade, MinExCRC research in this area has primarily focused on CT drilling for mineral exploration. Our sponsors are eager to see elements of this technology adapted for the commercial market and, in this case, for CoilRig to utilise this technology in the geothermal industry.

As contracted, the Project 2 team will continue to progress their research with MinEx CRC until the end of 2027.