Quaise Energy, a pioneer in terawatt-scale geothermal energy, has successfully closed a $21 million Series A1 financing round, led by Prelude Ventures and Safar Partners, with Mitsubishi Corporation and Standard Investments among the new investors.
This influx of capital is earmarked to bolster the company’s field operations and enhance its supply chain capabilities, setting the stage for the next phase of product development.
Deep geothermal energy, capable of producing 10 times more energy than conventional geothermal sources, offers a 24/7 baseload power solution with minimal environmental footprint.
This breakthrough technology promises near-universal access to clean energy, positioning deep geothermal as a cornerstone in the global shift towards sustainable energy sources.
Toshiaki Nobuhara from Mitsubishi Corporation highlighted the urgent need for innovative solutions to achieve carbon neutrality by 2050, praising deep geothermal’s potential.
Quaise Energy’s approach, which involves vaporizing rock with high-power millimeter-range microwaves—a technique refined from over a decade of research at MIT and tested at Oak Ridge National Laboratory—paves the way for accessing the Earth’s deep geothermal resources.
The company plans to use the Series A1 funds to conduct comprehensive geological surveys at pilot plant locations, aiming to pinpoint optimal drilling sites. This preparatory work is crucial for positioning the first commercial pilots for success.
Arunas Chesonis of Safar Partners expressed enthusiasm for superhot geothermal’s commercial potential as a clean energy solution on a global scale.
Meanwhile, Quaise Energy is working to secure its supply chain through joint development and licensing agreements with manufacturers, ensuring the readiness and reliability of its unique drilling technology for large-scale deployment.
Carlos Araque, CEO and co-founder of Quaise Energy, envisions deep geothermal energy as the cornerstone of a sustainable and prosperous energy future.
The company also focuses on repurposing existing fossil-fired assets, leveraging the infrastructure and workforce of thermal generation plants and industrial centers for a quicker transition to clean energy.
With its innovative approach, Quaise Energy aims to unlock the global potential of deep geothermal power, offering a viable, zero-carbon alternative to fossil fuels. – PEVCJournal.com