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Slovak Investment Holding acquires a stake in high-tech drilling company

Allen & Overy announced today that it has advised on the first direct venture capital investment of a fund under the control of the Slovak Republic – Slovak Investment Holding, a.s. (SIH) managed by SZRB Asset Management, a.s..

Slovak Investment Holding subscribed, as a lead investor in a Round B share offering, for new shares in GA Drilling a.s., a company based in Slovakia that develops highly innovative technologies for well drilling using so-called Plasmabit®. This approach involves depth drilling by means of plasma thermal effects that are many times cheaper and faster than conventional methods.

The A&O team was led by Corporate partner Martin Magál, with support from senior associate Tomáš Búry.  Martin Magál commented: “We are very happy to have supported SIH on one of their first equity investments in a high-tech venture. This transaction is a perfect example of public money being strategically used alongside private co-investments to enable the continuation of R&D activities in Slovakia and the subsequent commercial launch of game-changing drilling methods which can be used in a number of sectors, including oil & gas.”

GA Drilling is a world-leading pioneer in the development of innovative technology for non-contact drilling and milling using the principles of electric plasma. This technology is opening up new opportunities in the market for geothermal energy, ecological closure of depleted oil wells, tunnelling and raw material extraction.

Slovak Investment Holding, a.s. is an alternative investment fund controlled by the Slovak Republic implementing financial resources from European Structural and Investment Funds.

For further information, please contact Monika Nagyová, monika.nagyova@allenovery.com, on +421 5920 2410.


Notes for Editors:

  1. Allen & Overy is an international legal practice with approximately 5400 people, including some 554 partners, working in 44 offices worldwide.
  2. In this press release 'Allen & Overy' means Allen & Overy LLP and/or its affiliated undertakings.
  3. The term 'partner’ is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP’s affiliated undertakings.

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