Quaise Energy, a geothermal energy company, has closed a $21 million Series A1 financing round led by Prelude Ventures and Safar Partners. Several new investors, including Mitsubishi Corporation and Standard Investments, participated in the financing.
This funding will enhance Quaise field operations concerning unlocking terawatt-scale deep geothermal and strengthening the company’s supply chain position for its drilling technology.
“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,” said Toshiaki Nobuhara, General Manager, International Utility Dept. of Mitsubishi Corporation. “We believe deep geothermal has great potential to become one of these technologies.”
A deep geothermal power plant can create 10 times more energy than conventional geothermal, provide 24/7 baseload power, and unlock near-universal access to clean energy on a small land footprint. When harnessed globally, the plants can collectively generate terawatts of clean power, equaling the output of fossil fuels but with zero carbon.
Quaise is capable of harnessing deep geothermal energy worldwide at 3-20 km below the Earth’s surface. Based on research at MIT and recent testing at Oak Ridge National Laboratory, the company has advanced a technique to vaporize rock using high-power microwaves in the millimeter range.
While the original MIT experiments have been improvised, field demonstrations will begin in 2024.
Quaise will conduct magnetic and seismic surveys, among other tests, to identify the most beneficial areas for initial drilling. The data will enable the company to locate places for the first commercial pilots.
The company is also entering joint development and licensing agreements with manufacturers to ensure future equipment meets design and capacity requirements, owing to international limitations and custom needs.
“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.”
