Quaise intends to use the new funding to improve geologic understanding at pilot plants, conduct magnetic and seismic surveys and other tests to identify the most advantageous areas for initial drilling to place the first commercial pilots
Recent core drilling by Quaise lays the groundwork. (Credit: Quaise Energy)
Quaise Energy, a US-based energy company unlocking terawatt-scale geothermal, has secured $21m in a Series A1 financing round led by private equity investors Prelude Ventures and Safar Partners.
Mitsubishi Corporation and Standard Investments, among several new investors, participated in the financing round.
Quaise intends to use the funds to support its field operations and strengthen its supply chain position while continuing its ongoing product development with pre-existing capital.
Mitsubishi Corporation International utility department general manager Toshiaki Nobuhara said: “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.
Prelude Ventures managing director Mark Cupta said: “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.”
Safar Partners managing partner and investment committee member Arunas Chesonis said: “We are excited about the commercial prospect for superhot geothermal as a global clean energy solution.”
According to the company, deep geothermal is one of the most promising energy sources to address the global energy transition at scale, creating more energy with fewer resources.
A deep geothermal power plant can create 10 times more energy than conventional geothermal, provide uninterrupted baseload power, and unlock near-universal access to clean energy.
Quaise harnesses deep geothermal energy worldwide at 3-20km below the Earth’s surface.
It has developed an advanced technique to vaporise rock using high-power microwaves in the millimeter range, based on research at MIT and testing at Oak Ridge National Laboratory.
The company aims to use the new funding to improve geologic understanding at pilot plants.
Quaise intends to conduct magnetic and seismic surveys and other tests to identify the most advantageous areas for initial drilling to place the first commercial pilots.
In addition, the company will use the funding to strengthen the supply chain for the company’s unique drilling technology.
Furthermore, Quaise is entering joint development and licensing agreements with manufacturers to ensure future equipment will meet design and capacity requirements.
Quaise Energy CEO and co-founder Carlos Araque said: “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.”