Quaise Energy secures additional $12m from Series A funding
Quiase Energy has now raised a total of USD 52 million after an expansion of the initial Series A funding round.
Geothermal drilling technology startup Quaise Energy has announced an expansion of their Series A financing round from USD 40 million to USD 52 million. The additional USD 12 million financing round was led by TechEnergy Ventures, the Corporate Venture Capital group within the Energy Transition Division of Tecpetrol, which is a part of the Techint Group.
HostPlus, Prelude Ventures, Safar Partners and Xplorer Capital also participated in this financing. We had previously reported on the initial Series A round.
“Our new sponsors are sophisticated investors that recognize Quaise Energy’s potential to accelerate the clean-energy transition and open access to renewable baseload power from anywhere on Earth,” said Quaise Energy Co-Founder and Chief Executive Officer Carlos Araque. ”We will use the additional investment to expand our technology development roadmap and form foundational strategic partnerships that further scale our business.”
Quaise Energy plans to unlock deep geothermal by developing and using millimeter wave drilling systems capable of reaching depths between 10-20 km. At these depths, geothermal energy is power-dense, virtually unlimited, and available everywhere on the planet.
“We believe that UltraDeep Geothermal has the potential to dramatically improve the probability of reaching challenging net zero targets,” said Alejandro Solé, Chief Investment Officer at TechEnergy Ventures. “The success of Quaise Energy’s millimeter wave technology in overcoming traditional obstacles to superhot, super-deep drilling will enable clean, continuous and affordable energy everywhere.”
Quaise Energy will build field-deployable machines to demonstrate the capabilities of its novel drilling technology under real geological and operational conditions and then go on to repower traditional fossil-fired 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 USD 75 million to date, including funding from Nabors Industries.
Source: Business Wire