Idemitsu enters next-generation geothermal market with investment in Quaise
Japanese energy company Idemitsu Kosan has invested in Quaise Energy, aiming to support technologies that enable next-generation geothermal development.
Japanese energy company Idemitsu Kosan (Idemitsu) has made an investment in Quaise Energy (Quaise), aiming to contribute to accelerating the development of next-generation geothermal technologies. The investment was made through the company’s wholly owned subsidiary Idemitsu Americas Holding Corporation (IAH).
Idemitsu has already had a long history of involvement in the geothermal power sector in Japan, starting with a steam supply contract with Kyuden Mirai for the Takigami power station in 1996. In 2017, Idemitsu started the sole operation of the 5-MW Takigami geothermal binary power plant. Together with INPEX and Mitsui Oil Exploration, Idemitsu is constructing the 14.9-MW Katatsumuri Yama geothermal power plant in the Akita Prefecture, which is expected to be online by 2027.
Quaise is developing a proprietary millimeter-wave drilling technology that is expected to be applied in next-generation geothermal systems. The progress of the Quaise has been well-chronicled through the years with public demonstrations and drilling milestones. The company had recently announced the imminent start of drilling for a 50-MW geothermal power development in Oregon, aiming to access a superhot geothermal resource using their innovative drilling technology.
Through the collaboration and investment in Quaise, Idemitsu states that it will further consider participation in next-generation geothermal projects.
“By combining Idemitsu’s resource development expertise with Quaise’s millimeter-wave technology, we will strengthen energy security worldwide. Our investment in Quaise will accelerate the development of next-generation geothermal technologies, an important step towards delivering stable energy supply,” said Keitaro Sugihara, President and CEO of IAH.
“We welcome Idemitsu as a strategic investor for developing more powerful, economic geothermal worldwide with our millimeter-wave technology. Idemitsu brings decades of experience in resource development and geothermal operations for a shared goal of delivering reliable, affordable, and sustainable energy on a global scale,” added Carlos Araque, CEO and President of Quaise.
Source: Idemitsu Kosan
