Quaise Energy Closes $21M Funding Round for Deep Geothermal Development

Quaise Energy recently closed a $21 million Series A1 funding round led by Prelude Ventures and Safar Partners, with the Mitsubishi Corporation and Standard Investments among several new investors participating in the round. This financing will allow Quaise to enhance field operations and strengthen the company’s supply chain position, while product development will continue with existing capital.

Deep geothermal power development will assist the global energy transition at scale by creating more energy with fewer resources. A deep geothermal power plant can create 10x more energy than conventional geothermal, provide 24/7 baseload power, and allow access to clean energy on a small 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, 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 is positioned to harness deep geothermal energy globally at 3-20 km below the Earth’s surface. The company uses a novel technique to vaporize rock with high-power microwaves in the millimeter range—this technology is based on more than a decade of research at the Massachusetts Institute of Technology (MIT) and recent testing at Oak Ridge National Laboratory. The initial MIT experiments have been scaled up 100x, with field demonstrations beginning this year.

Core drilling to enable microwave technology; Image Credits: Quaise Energy

The funding aims to improve geologic understanding at pilot plant locations, with Quaise conducting magnetic and seismic surveys to identify the most advantageous areas for initial drilling. Data from the surveys will inform the company where to place the first commercial pilots. An additional target of the funding is to strengthen the supply chain for Quaise’s drilling technology. As a result of international limitations and custom needs, the company is entering joint development and licensing agreements with manufacturers to guarantee future equipment will meet design and capacity requirements.

Quaise Energy is primarily focused on repurposing fossil-fired industrial assets, drilling onsite at functional power plants to use the existing infrastructure and workforce for a smoother energy transition. Deep geothermal power plants, harnessed internationally, have the potential to generate terawatts of clean power, providing the power output of fossil fuels without the carbon.