Taylor Wessing represented the Slovak company GA Drilling, a leader in the development of geothermal drilling technology, in relation to the preparation and negotiation of a partnership and investment agreement with the US company Nabors Industries. The agreement will enable Nabors Industries to provide GA Drilling with an investment of 8 million US dollars.
GA Drilling is one of the country's best-known technology startups and is a major player in the field of geothermal energy thanks to its revolutionary PLASMABIT plasma drilling technology. PLASMABIT technology allows for more efficient drilling at greater depths, thus working towards GA Drilling's goal of making clean geothermal energy widely available anywhere in the world.
US-based Nabors Industries is a global drilling giant that owns and operates the largest fleet of land-based drilling rigs in over twenty countries worldwide.
Under the investment agreement, Nabors Industries will support GA Drilling's activities by making a financial investment and also by providing professional services in connection with the development of the PLASMABIT technology, in return for which Nabors Industries will have the right to acquire equity shares in GA Drilling.
Taylor Wessing has long advised GA Drilling on both general commercial and litigation matters, as well as raising capital for further development and implementation of investment rounds. In the ongoing investment round, Taylor Wessing assisted GA Drilling with legal services in process of obtaining a total investment of EUR 12 million from investors such as an investment fund belonging to the MOL Group, Neulogy Ventures, Slovak Investment Holding, Extantia Group and other leading Slovak and foreign companies and investment funds.
An investment agreement with a strong partner such as Nabors Industries is often crucial for both startups and late stage companies. It provides companies with the necessary capital for very expensive technology development in exchange for a potential future stake in the company.”
Juraj Frindrich | Partner at Taylor Wessing
Nabors Industries is an important strategic partner whose investment can be crucial in the process of commercializing PLASMABIT technology. Given the current unprecedented demand for the cleanest possible energy sources, we could also see real progress in the availability of geothermal energy thanks to this investment.”
Igor Kočiš | Chairman of the Board of GA Drilling
Team
This transaction drew on the expertise offered by the firm’s Corporate/M&A team. The team was led by Corporate/M&A partner Juraj Frindrich and composed of senior associate Peter Kaňuch and junior associate Kristina Kešnerová.
