Quaise Energy secures $21 million funding to support field operations

Core drilling operations by Quaise Energy in preparation of field tests of millimeter wave drilling (source: Quaise Energy)

Quaise Energy, a geothermal drilling technology startup pioneering millimeter wave drilling technology, has just closed a $21 million Series A1 funding round led by Prelude Ventures and Safar Partners, with Mitsubishi Corporation and Standard Investments joining the company’s list of new investors. The new funding will go towards supporting the company’s field operations while product development continues with pre-existing capital.

Quaise Energy is developing a novel technique that uses high-power microwaves in the millimeter range to vaporize rock, potentially making deep geothermal energy at depths up to 20 km accessible. The technology is based on more than a decade of research at MIT and recent testing at Oak Ridge National Laboratory.

The original MIT experiments have now been scaled up 100x, with field demonstrations coming later this year. The new funding will go towards conducting magnetic and seismic surveys, among other tests, in the pilot plant locations to improve the understanding of subsurface geology. This will help in deciding where to place the first commercial pilot projects.

The other target of the funding is to strengthen the supply chain for the company’s unique drilling technology. Quaise is entering joint development and licensing agreements with manufacturers to ensure future equipment will meet design and capacity requirements as the company scales its operations beyond first pilots.

A central focal point of Quaise is repurposing existing fossil-fired assets. By drilling onsite at thermal generation plants and industrial centers to utilize the existing infrastructure and workforce, a faster energy transition becomes possible. Deep geothermal power plants, harnessed globally, have the potential to collectively generate terawatts of clean power, rivaling the output of fossil fuels but with zero carbon.

“Our mission is to create the most sustainable and prosperous energy future for all,” said Carlos Araque, CEO and co-founder of Quaise Energy. “By accelerating our field operations and securing our supply chain, we are preparing deep geothermal to be the indispensable energy of the 21st century.”

“The world needs, more than ever before, game-changing technologies that can deliver abundant carbon-free heat and power to become carbon neutral by 2050. We believe deep geothermal has great potential to become one of these technologies,” said Toshiaki Nobuhara, General Manager, International Utility Dept. of Mitsubishi Corporation. “We are honored and excited to join Quaise in its journey to make deep geothermal a reality.”

Quaise Energy has had success in the past few years in securing funding, initially with an investment from Nabors Industries followed by two separate funding rounds in 2022.

Source: Quaise Energy