This month, we are excited to feature Quaise Energy and its recent success in closing a $21 million Series A1 financing to accelerate terawatt-scale geothermal energy! This financing round was led by Prelude Ventures and Safar Partners. Amongst several new investors were Mitsubishi Corporation and Standard Investments.
Quaise is uniquely positioned to harness deep geothermal energy worldwide at 3 –20 km below the Earth's surface. Deep geothermal is one of the most promising sources for meeting the global energy transition at scale. A deep geothermal power plant can create 10 times more energy than conventional geothermal resources, provide continuous baseload power, and unlock near-universal access to clean energy on a small land footprint.
To achieve such a goal, Quaise has advanced a novel technique to vaporize rock using high-power microwaves in the millimeter range, based on more than a decade of research at MIT and recent testing at Oak Ridge National Laboratory. The original MIT experiments have now been scaled up 100x, with field demonstrations commencing later this year.
The new funding aims to improve geologic understanding at pilot plant locations. Quaise will conduct magnetic and seismic surveys, among other tests, to identify the most advantageous areas for initial drilling. The data will inform the company as to where to place the first commercial pilots. The other significant planned use of the funding is to strengthen the supply chain for the company's unique drilling technology. Quaise is entering joint development and licensing agreements with manufacturers to ensure future equipment will meet design and capacity requirements as the company scales its operations beyond initial pilots.
A central focal point of Quaise is to repurpose existing fossil-fired assets. By drilling onsite at thermal generation plants and industrial centers, Quaise plans to utilize the existing infrastructure and workforce, which makes a faster energy transition possible. Deep geothermal power plants, harnessed globally, have the potential to collectively generate terawatts of clean power, rivaling the output of fossil fuels but with zero carbon.
Quaise's latest financing round will help the company to accelerate its field operations and secure its supply chain, as it continues to work towards creating the most sustainable and prosperous energy future for everyone.
Congratulations to the entire Quaise team!
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