Quaise Energy Raises $21 Million Toward Deep Geothermal Operations
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Quaise Energy, the company unlocking terawatt-scale geothermal, has closed on a $21 million series A1 financing round led by Prelude Ventures and Safar Partners. Mitsubishi Corporation and Standard Investments are among several new investors participating in the round.
This latest funding will enhance the company’s field operations and strengthen its supply chain position, while ongoing product development will continue with pre-existing capital.
Deep geothermal is one of the most promising sources to meet the global energy transition at scale by creating more energy with fewer resources. A deep geothermal power plant can create 10x more energy than conventional geothermal resources, provide 24/7 baseload power, and unlock near-universal access to clean energy on a small land footprint.
“The world needs, more than ever before, game-changing technologies that can deliver abundant carbon-free heat and power to become carbon neutral by 2050. We believe deep geothermal has great potential to become one of these technologies,” said Toshiaki Nobuhara, general manager, International Utility Dept. of Mitsubishi Corporation.
“We are honored and excited to join Quaise in its journey to make deep geothermal a reality,” added Nobuhara.
Quaise is uniquely positioned to harness deep geothermal energy worldwide at 3-20 km below the earth’s surface. To achieve such a feat, the company has advanced a novel technique to vaporize rock using high-power microwaves in the millimeter range, based on more than a decade of research at MIT and recent testing at Oak Ridge National Laboratory. The original MIT experiments have now been scaled up 100x, with field demonstrations commencing later this year.
“The world needs vast amounts of carbon-free primary energy. Quaise is creating a truly scalable solution that enables nearly any piece of land on earth to yield abundant clean energy,” said Mark Cupta, managing director at Prelude Ventures.
The new funding aims to improve geologic understanding at pilot plant locations. Quaise will conduct magnetic and seismic surveys, among other tests, to identify the most advantageous areas for initial drilling. The data will inform the company where to place the first commercial pilots.
“We are excited about the commercial prospect for superhot geothermal as a global clean energy solution,” said Arunas Chesonis, managing partner and investment committee member at Safar Partners.
The other target of the funding is to strengthen the supply chain for the company’s unique drilling technology. Quaise is entering joint development and licensing agreements with manufacturers to ensure future equipment will meet design and capacity requirements as the company scales its operations beyond first pilots.
“Our mission is to create the most sustainable and prosperous energy future for all,” said Carlos Araque, CEO and co-founder of Quaise Energy.
“By accelerating our field operations and securing our supply chain, we are preparing deep geothermal to be the indispensable energy of the 21st century,” added Araque.
A central focal point of Quaise is repurposing existing fossil-fired assets. By drilling onsite at thermal generation plants and industrial centers to utilize the existing infrastructure and workforce, a faster energy transition becomes possible. Deep geothermal power plants, harnessed globally, have the potential to collectively generate terawatts of clean power, rivaling the output of fossil fuels but with zero carbon.
Quaise Energy is terawatt-scale geothermal, opening access to renewable baseload power for the planet. Deep geothermal uses less than 1 percent of the land and materials of other renewables, making it the only option for a sustainable clean energy transition. The Quaise approach to deep geothermal is unique in being geography agnostic. Outfitting existing drilling rigs with millimeter wave technology opens the way for power-dense, deep geothermal energy on a global scale. Quaise is accelerating the clean-energy transition by repowering the fossil-fired infrastructure of today with clean geothermal steam.
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