Quaise Energy Secures Additional $12M in Series A Funding

0

Quaise Inc. engineers in Houston with a second test rig for Phase II testing at Oak Ridge National Laboratory to develop a new drilling technique. (source: Matt Houde)

Quiase Energy has now raised a total of $52 million after an extension of the first Series A funding round.

Geothermal drilling technology startup Quaise Energy has announced an extension of its Series A funding round from $40 million to $52 million. The additional $12 million funding round was led by TechEnergy Ventures, the venture capital group within Tecpetrol’s Energy Transition division, part of the Techint Group.

HostPlus, Prelude Ventures, Safar Partners and Xplorer Capital also participated in this financing. We previously reported on the first round of Serie A.

“Our new sponsors are knowledgeable investors who recognize Quaise Energy’s potential to accelerate the transition to clean energy and unlock access to renewable baseload energy from anywhere on Earth,” said Carlos Araque, co-founder and CEO of Quaise Energy. “We will use the additional investment to expand our technology development roadmap and form fundamental strategic partnerships that will scale our business.”

Quaise Energy plans to unlock deep geothermal energy by developing and using millimeter wave drilling systems capable of reaching depths between 10 and 20 km. At these depths, geothermal energy is energy dense, virtually limitless, and available anywhere on the planet.

“We believe UltraDeep Geothermal has the potential to significantly improve the likelihood of achieving ambitious net zero goals,” said Alejandro Solé, chief investment officer at TechEnergy Ventures. “The success of Quaise Energy’s millimeter wave technology in overcoming traditional barriers to super-hot, super-deep drilling will enable clean, continuous, and affordable energy everywhere.”

Quaise Energy will build field-deployable machines to demonstrate the capabilities of its new drilling technology in real-world geological and operational conditions, then continue to refuel traditional fossil-fuel power plants with clean geothermal steam by the end of the decade.

Quaise Energy spun out of the MIT Plasma Science and Fusion Center in 2018. The company has raised $75 million to date, including funding from Nabors Industries.

Source: BusinessWire

Share.

Comments are closed.