Quaise Energy—a company advancing the terawatt-scale geothermal industry—announced the closing of a $21 million Series A1 funding round led by Prelude Ventures and Safar Partners. Mitsubishi Corporation and Standard Investments are some new investors participating in the round. This funding round will enhance Quaise’s field operations and improve the company’s supply chain position.
Deep geothermal is a promising source for meeting the global energy transition at scale by creating more energy with fewer resources. A deep geothermal power plant can create ten times more energy than conventional geothermal, provide 24/7 baseload power, and drive near-universal access to clean energy on a small land footprint.
Quaise Energy is positioned to utilize deep geothermal energy worldwide at 3-20 km below the Earth’s surface. And to achieve this feat, the company advanced a novel technique to vaporize rock using high-power microwaves in the millimeter range based on over a decade of research at MIT and recent testing at Oak Ridge National Laboratory. These original MIT experiments have been scaled up to 100 times. Field demonstrations are expected later this year.
The new funding round would help improve geologic understanding at pilot plant locations. And Quaise will conduct magnetic and seismic surveys to identify the most advantageous areas for initial drilling. These insights will inform the company where to set up commercial pilots.
Another goal with the funding is to improve the supply chain for the company’s unique drilling technology. Considering international limitations and custom needs, Quaise will enter joint development and licensing agreements with manufacturers to ensure that future equipment will meet design and capacity requirements.
KEY QUOTES:
“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. We are honored and excited to join Quaise in its journey to make deep geothermal a reality.”
- Toshiaki Nobuhara, General Manager, International Utility Dept. of Mitsubishi Corporation
“The world needs vast amounts of carbon-free primary energy to transition away from fossil fuels. Quaise is creating a truly scalable solution that enables nearly any piece of land on Earth to yield abundant clean energy.”
- Mark Cupta, Managing Director at Prelude Ventures
“We are excited about the commercial prospect for superhot geothermal as a global clean energy solution.”
- Arunas Chesonis, Managing Partner and Investment Committee Member at Safar Partners
“Our mission is to create the most sustainable and prosperous energy future for all. By accelerating our field operations and securing our supply chain, we are preparing deep geothermal to be the indispensable energy of the 21st century.”
- Carlos Araque, CEO and co-founder of Quaise Energy
