NEWS

NewQuest Geotechnology & North Tech Drilling Signed a Strategic Partnership Agreement

Press Release: Monday November 30, 2020

Icelandic geothermal development specialist North Tech Energy (NTE), through its daughter company PT North Tech Drilling (NTD), has signed a partnership agreement with PT NewQuest Geotechnology (NQ). The companies will join forces in developing geothermal concessions and together they will develop energy storage and bring carbon capture solutions to the market whereas the companies aim to capture CO2 from emitting industries in Indonesia.

NTD and NQ will be focusing on developing mini geothermal power plant in areas where electricity demand is low but very much needed. Using mini geothermal drilling solutions means immense reduction of environmental footprint and increase powerplants by 80%. Both parties are highly focused on engaging in community responsibility and give the local communities of Indonesia the opportunity to build small enterprises and increase value creation.

Geir Hagalinsson, CEO of NTE is extremely excited about the partnership between NTD and NQ. The new Indonesian regulation in renewable energy has made its challenging to meet the new tariff targets. We think this is the right direction that the Indonesian government is going and it encourages companies to look outside of the box by reducing cost and bring in new power plant equipment that have higher efficiency and less cost both when installing and operating.

Dr Yunus Daud, Founder of NQ said, "It is my pleasure to announce this partnership, I see the strategic side of our business alliance going forward: becoming a major player in the low-mod T, slim-hole and mini geothermal power plant. This partnership is also committed to increasing the capacity building of Indonesia's geothermal human resources, in line with the NQ program through the NQ Academy in supporting the Indonesian government which is now heading for the biggest geothermal power producer in the world”

“The NQ-NTD partnership brings strength together: long experiences and deep skills in geothermal exploration and allows us to quickly optimize services through total geothermal exploration services from geoscientific studies, resources assessment, well targeting and slim well exploration drilling.”

“We are very grateful for this partnership, because this is international acceptance of what NQ has achieved and done. This partnership is signed 2 months after NQ wins Indonesia Geologist Association (IAGI) Exploration Awards 2020 for the category of "Best Geothermal Exploration Service Company" on September 29, 2020. For NQ this is an honor, pride and especially an opportunity to do more for the geothermal development in Indonesia and other countries.”

With arising global geothermal business where Indonesia being the center of growth in the next decades, companies recognize that the subsurface geoscientific and drilling technology playing an increasingly critical role in the development of geothermal project.

As indicated on the agreement, this partnership covers: to develop geothermal power plant in Indonesia, to bring Heat/Power Storage and Carbon Capture Storage to Indonesia as well as to synergy in geothermal exploration services both parties to Indonesia and global market.

The signing of the partnership was carried out on November 30, 2020 at the NQ office in Depok Greater Jakarta between Dr. Yunus Daud, Founder of NQ and Ir. Antonaria M.A., Managing Director of NTD. The event is also held virtually and attended by Geir Hagalinsson, CEO of NTE and Runa Hagalinsdottir, Director of Business Development and Finance of NTE.

About NQG

PT NewQuest Geotechnology (NQ) is an Indonesia subsurface exploration service company that focuses on geothermal exploration, founded in 2011 by Dr. Yunus Daud. In its 9 years of activity, NQ has carried out various study activities, 3G surveys to well targeting in 47 geothermal areas with a total geothermal resource of more than 3 GW and has developed its own 7 softwares to support the processing jobs. On September 2020, NQ launched the NQ Academy, a geothermal excellent center to increase knowledge and skills in geothermal resources and technology.

Website: www.newquest-geotechnology.com

About NTD

PT North Tech Drilling (NTD) is an Indonesian legal entity established in March 2018. NTD is a local company of North Tech Energy from Iceland. NTE provide environmental friendly geothermal drilling solutions and offshore geothermal.

Website: www.nte.is


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