Quaise Energy, an innovator in the geothermal energy sector, has successfully announced the completion of a Series A1 financing round, raising $21 million. This round was led by Prelude Ventures and Safar Partners, with the participation of new investors such as Mitsubishi Corporation and Standard Investments.
Deep geothermal for 24/7 energy supply
Deep geothermal is emerging as one of the most viable and promising solutions for the transition to a more sustainable global energy matrix. Capable of producing ten times the amount of energy than traditional geothermal resources, this technology promises to provide constant and reliable power 24 hours a dayThe company’s energy efficiency is based on the use of clean energy sources, every day of the year, thus facilitating virtually unlimited access to clean energy sources with a minimal environmental footprint.
“At this crucial time, the world is urgently demanding revolutionary technologies capable of providing heat and power without carbon emissions. carbon-free heat and power emissions, to achieve carbon neutrality targets by 2050. We are convinced that deep geothermal energy is a formidable solution to this challenge.“, expressed Toshiaki Nobuhara of Mitsubishi Corporation, showing his enthusiasm to collaborate with Quaise in this ambitious venture.
Quaise Energy is distinguished by its ability to access deep geothermal reserves, located between 3 and 20 km below the earth’s surface, thanks to an innovative technique that uses high-power microwaves to vaporize rocks. This technology, which has been developed from more than a decade of research at MIT and testing at Oak Ridge National Laboratory, will begin to be demonstrated in the field later this year.
“The planet requires large amounts of carbon-free primary energy in order to move away from fossil fuels,” stated Mark Cupta of Prelude Ventures, underscoring Quaise’s potential to turn almost any location in the world into a clean and abundant source of energy.
Investment for future plants
The recent investment will facilitate further geological understanding at future pilot plant sites through magnetic and seismic surveys, among other tests, to identify the best sites for initial drilling. These data will be crucial in determining the location of the first commercial pilot projects.
“We are strongly betting on the potential of superheated geothermal as a clean energy solution globally,” mentioned Arunas Chesonis of Safar Partners, reflecting optimism towards future commercial applications of this technology.
In addition, the financing will seek to strengthen the supply chain for Quaise’s unique drilling technology through licensing and co-development agreements with manufacturers, ensuring that future rigs will meet design and capacity requirements as the company expands its operations.
“We are committed to forging a more sustainable and prosperous energy future for humanity.“, stated Carlos Araque, CEO and co-founder of Quaise Energy. “With the momentum in our field operations and the consolidation of our supply chain, we are positioning deep geothermal as the fundamental energy of the 21st century.“.
Central to Quaise’s strategy is the reuse of existing energy infrastructure that currently relies on fossil fuels. Retrofitting thermal plants and industrial sites for on-site extraction, using already available infrastructure and manpower, facilitates a more rapid energy transition to carbon-free deep geothermal terawatt power generation, positioning it as a viable alternative to fossil fuels.
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Source and photo: quaise.energy
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