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Quaise Energy, a pioneering company in unlocking terawatt-scale geothermal energy, has announced the successful closure of a $21 million Series A1 financing round. Leading the investment are Prelude Ventures and Safar Partners, with notable participation from Mitsubishi Corporation and Standard Investments, among others. This fresh infusion of capital will bolster the company’s field operations, fortify its supply chain position, and continue advancing product development with existing resources.
Deep geothermal energy holds immense promise as a major contributor to global energy transition efforts. Offering ten times more energy output than conventional geothermal sources, deep geothermal power plants provide reliable 24/7 baseload power while enabling widespread access to clean energy on minimal land footprints.
Toshiaki Nobuhara, General Manager of Mitsubishi Corporation’s International Utility Department, emphasizes deep geothermal’s potential as a game-changing technology in achieving carbon neutrality by 2050. Mitsubishi Corporation is excited to join Quaise on its journey to realize the full potential of deep geothermal energy.
Quaise stands out for its ability to tap into deep geothermal reservoirs located 3-20 kilometers beneath the Earth’s surface. Leveraging a novel technique involving high-power microwaves, developed through over a decade of research at MIT and recent testing at Oak Ridge National Laboratory, Quaise is scaling up operations by a factor of 100, with field demonstrations slated to commence soon.
Mark Cupta, Managing Director at Prelude Ventures, underscores Quaise’s role in providing scalable solutions for abundant clean energy across the globe. The company’s innovative approach enables virtually any piece of land to yield substantial clean energy resources.
The new funding will be directed towards enhancing geological understanding at pilot plant locations through magnetic and seismic surveys, facilitating the identification of optimal drilling sites. Additionally, Quaise aims to strengthen its supply chain for unique drilling technology through joint development and licensing agreements with manufacturers.
Carlos Araque, CEO and co-founder of Quaise Energy, emphasizes the company’s mission to foster a sustainable and prosperous energy future for all. By accelerating field operations and securing the supply chain, Quaise is poised to position deep geothermal energy as an indispensable resource for the 21st century.
A key aspect of Quaise’s strategy involves repurposing existing fossil-fired assets, enabling a faster transition to clean energy by utilizing existing infrastructure and workforce. With deep geothermal power plants poised to collectively generate terawatts of clean power globally, Quaise is at the forefront of driving a carbon-free energy revolution. |
