Hungary: PannErgy Subsidiary Receives Grant to Develop Technology Develop Technology that can Extend Lifetime of Geothermal Wells

PannErgy’s Subsidiary Awarded Development Grant (News Release)

PannErgy Plc of Budapest, Hungary has announced that its subsidiary, DoverDrill Deep Drilling Ltd has been awarded a non-repayable grant of HUF 500 million under the EU Economic Development Operational Programme (GINOP) to develop technology that can extend the lifetime of geothermal wells, thus improving the sustainability of
geothermal systems.

An important operational task of geothermal wells is to track and monitor changes in the erosion and fluid composition. DoverDrill’s innovation facilitates that the fluid bases of geothermal wells are tested in a way that is different from previous methods, and therefore the impacts of physical, chemical, electrochemical, mixed and selective erosion caused by fluids to be obtained from geothermal wells can be significantly reduced and the changes can be anticipated.

Due to the R&D development, the installation of new, as well as the operation of existing geothermal wells will be optimized in an economically quantifiable manner. Once the project is closed, the company is planning to market the technological innovation domestically and internationally.

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