Quaise Inc. secures $12m in financing from Nabors Industries
Drilling technology startup Quaise Energy has secured funding of $12m for the further development of its technology targeted at geothermal.
Energy company Quaise Inc., pioneering millimeter wave drilling technology to access deep geothermal energy, announces that it has raised $12 million in financing from Nabors Industries (“Nabors”), a leading provider of advanced technology for the global energy industry and one of the world’s largest land drilling companies. The proceeds of this financing will be utilized to accelerate development of Quaise’s millimeter wave drilling technology towards its first field demonstration in the Western U.S., uniquely positioning the company to scale geothermal energy to terawatts.
“Not only will Nabors’ technology development and deployment capabilities cut years of development time, but it will also provide us with an established human capital and supply chain base to scale to terawatts.”
“This partnership puts us on a path to show the true potential of geothermal within the next three years domestically,” said Quaise co-founder and CEO Carlos Araque. “Not only will Nabors’ technology development and deployment capabilities cut years of development time, but it will also provide us with an established human capital and supply chain base to scale to terawatts.”
“We believe that geothermal can play a much larger role in the energy transition,” said Anthony G. Petrello, Nabors’ Chairman, CEO and President. “We see in Quaise one of the most potentially disruptive technologies in the space, and we believe the team is well positioned to capture the ultimate potential of this technology.”
Quaise has raised a total of $18 million to date, which includes $6 million in Seed Funding led by The Engine, with participation from Collaborative Fund, Vinod Khosla and Safar Partners.
Quaise is developing and commercializing novel millimeter wave drilling systems to harness geothermal energy around the globe, overcoming the geographic constraints limiting this energy source today. Quaise’s technology enables the clean energy transition by accessing the largest source of power-dense clean energy on Earth.
Source: Release via BusinessWire