Quaise Energy, at the forefront of unlocking terawatt-scale geothermal potential, announced today the successful closure of a $21 million Series A1 financing round spearheaded by Prelude Ventures and Safar Partners.
Among several new investors, notable participants include Mitsubishi Corporation and Standard Investments. This capital injection is poised to bolster the company's field operations and fortify its position within the supply chain. At the same time, ongoing product development continues to progress with pre-existing capital.
Pursuing profound geothermal energy is one of the most promising avenues to navigate the global energy transition, offering the prospect of generating more energy with fewer resources. Diving deep into this endeavor, a deep geothermal power plant boasts the capacity to produce ten times more energy than conventional geothermal resources, furnishing 24/7 baseload power and paving the way for widespread access to clean energy on a minimal land footprint.
"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 of Mitsubishi Corporation's International Utility Department. "We are honored and excited to join Quaise in its journey to make deep geothermal a reality."
Positioned uniquely to harness deep geothermal energy reserves worldwide, Quaise has leveraged innovative techniques to vaporize rock using high-power microwaves in the millimeter range. This pioneering approach, built upon over a decade of research at MIT and recent validation at Oak Ridge National Laboratory, has undergone a 100-fold scale-up from its original MIT experiments, with field demonstrations slated to commence later this year.
"The world needs vast amounts of carbon-free primary energy to transition away from fossil fuels," said Mark Cupta, Managing Director at Prelude Ventures. "Quaise is creating a truly scalable solution that enables nearly any piece of land on Earth to yield abundant clean energy."
The new funding infusion is strategically directed toward advancing geological understanding at pilot plant locations. Quaise intends to conduct comprehensive magnetic and seismic surveys, among other assessments, to pinpoint optimal areas for initial drilling. These insights will guide the placement of the first commercial pilots, thus maximizing efficacy and minimizing risk.
"We are excited about the commercial prospect for superhot geothermal as a global clean energy solution," said Arunas Chesonis, Managing Partner and Investment Committee Member at Safar Partners.
Furthermore, the funding will bolster the supply chain for Quaise's groundbreaking drilling technology. Collaborative efforts with manufacturers through joint development and licensing agreements will ensure that future equipment aligns with design specifications and capacity requirements, facilitating seamless scalability as the company expands its operations beyond initial pilots.
"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."
Central to Quaise's mission is repurposing existing fossil-fired assets, capitalizing on onsite drilling opportunities at thermal generation plants and industrial centers. This strategic approach not only expedites the energy transition but also underscores the transformative potential of deep geothermal power plants to collectively generate terawatts of clean power globally, rivaling the output of fossil fuels while mitigating carbon emissions.
ABOUT QUAISE:
Quaise Energy is a trailblazer in terawatt-scale geothermal energy, unlocking access to renewable baseload power on a planetary scale. With its innovative approach to profound geothermal energy, Quaise aims to revolutionize the clean energy landscape, leveraging minimal land and materials compared to other renewables.
Quaise Energy was spun out of the MIT Plasma Science and Fusion Center in 2018 and has raised over $95 million.
ABOUT PRELUDE VENTURES:
Prelude Ventures is a climate-focused venture capital firm dedicated to supporting early-stage startups with the potential to mitigate climate change. With over a decade of experience, Prelude Ventures partners with purpose-driven founders, providing the capital and expertise needed to build the next generation of businesses that will reshape our global economy for the better.
ABOUT SAFAR PARTNERS:
Safar Partners is a venture fund investing in technology companies at seed to growth stages, primarily emerging from MIT, Harvard, and the University of Rochester. Leveraging private equity principles, Safar Partners accelerates the scaling of portfolio companies, driving value creation as they expand into new markets and industries.
ABOUT MITSUBISHI CORPORATION:
Mitsubishi Corporation is a global integrated business enterprise, operating across virtually every industry with a network of around 1,700 group companies. Committed to sustainable growth and development, Mitsubishi Corporation collaborates with trusted partners worldwide to deliver innovative solutions that address the world's most pressing challenges.
ABOUT STANDARD INVESTMENTS:
Standard Investments is an investment platform focused on industry and technology convergence. With a fundamentally driven approach, Standard Investments deploys capital across the public and private markets, leveraging deep industrial knowledge and operational expertise to create value throughout a company's lifecycle.