Geothermal drilling automation startup Borobotics raises CHF 1.3M funding
Swiss geothermal automation drilling startup has raised CHF 1.3 million in equity funding for development of their space and energy-efficient drilling tech.
Swiss startup Borobotics has raised CHF 1.3 million (USD 1.4 million) in equity funding to support its development of a new geothermal drilling system for heat pump installations in urban settings.
Led by Underground Ventures (UGV), the round was joined by the Swiss Kickfund, Silicon Valley angel investor and Netlify founder Christian Bach, and a group of Swiss angel investors. Also joining the round is Swiss drilling company Hans Barmettler & Co AG, Swiss drillhead manufacturer Bospi AG and Swiss property development company WSG AG.
“Borobotics is revolutionizing geothermal heat generation with an innovative drilling robot that makes drilling more efficient, quieter and more environmentally friendly. Today’s investment round brings us a big step closer to our goal of facilitating access to sustainable heat for buildings – a significant contribution to the heat transition,” said Hans-Jörg Dennig, CEO of Borobotics.
The fundraise will help in the further development of the current drilling prototypes into fully fledged drilling systems, capable of reliably drilling holes of up to 250 meters deep – beyond market depth for shallow geothermal drilling in most countries. With its highly space- and energy-efficient setup that drills boreholes autonomously, Borobotics aims to make geothermal energy considerably more accessible, simpler and cost-effective.
“Geothermal heat pumps are great, but expensive. Borobotics has developed a new technology platform to dramatically bring down the cost and complexity of shallow geothermal drilling. UGV is excited to lead the company’s first equity round, and is looking forward to working with the team to redefine the economics of shallow geothermal,” said Torsten Kolind, Managing Partner at Underground Ventures.
“Borobotics perfectly aligns with our vision of supporting the most promising Swiss Deep Tech startups. Their innovative geothermal solution addresses a critical need for the energy transition, offering superior performance at a compelling price. We are thrilled to support their journey!” added Wanja Humanes, CEO & Managing Partner at Kickfund.
Source: Email correspondence
