- Quaise Energy secures $21 million in Series A1 financing round led by Prelude Ventures and Safar Partners to accelerate terawatt-scale deep geothermal energy.
- New investors like Mitsubishi Corporation and Standard Investments join the funding round to support Quaise Energy's innovative drilling technology for clean energy production.
- The company's unique approach involves using high-power microwaves to extract geothermal energy at depths of 3-20 km, aiming to revolutionize the global energy transition towards carbon neutrality by 2050.
Quaise Energy raised $21 million in a Series A1 financing round led by Prelude Ventures and Safar Partners to accelerate terawatt-scale deep geothermal energy, aiming to provide abundant clean energy through innovative drilling technology.
What to know: Quaise Energy has successfully raised $21 million in funding to accelerate the development of terawatt-scale deep geothermal energy. The Series A1 financing round was led by Prelude Ventures and Safar Partners, with new investors like Mitsubishi Corporation and Standard Investments joining in. This funding will be utilized to expand field operations, enhance the company's supply chain, and further advance product development using existing capital.
Deeper details: Deep geothermal energy is positioned as a promising solution to meet the global energy transition at scale. Quaise Energy's innovative approach aims to create 10 times more energy than conventional geothermal sources, providing continuous baseload power and enabling widespread access to clean energy on a minimal land footprint. The company's focus on game-changing technologies aligns with the increasing need for abundant carbon-free heat and power to achieve carbon neutrality by 2050.
The backstory: Quaise Energy's unique technique involves utilizing high-power microwaves in the millimeter range to vaporize rock deep below the Earth's surface, enabling the extraction of geothermal energy at 3-20 km depths. With over a decade of research at MIT and recent testing at Oak Ridge National Laboratory, Quaise has successfully scaled up its technology for field demonstrations, marking a significant step towards commercial viability. The company's goal is to identify optimal locations for pilot plants through geologic surveys and tests, paving the way for the widespread adoption of deep geothermal energy.
A history of growth: A key focus for Quaise Energy is repurposing existing industrial assets to facilitate a smoother transition to clean energy. By leveraging functional power plant infrastructure and workforce for deep geothermal drilling, the company aims to maximize efficiency and scalability in generating clean power. Through strategic partnerships and joint development agreements, Quaise is working towards strengthening its supply chain and ensuring the readiness of its drilling technology for future deployment on a global scale.
