US deep geothermal start-up Quaise Energy raises USD 21m

US geothermal start-up Quaise Energy on Tuesday said it has closed a USD-21-million (EUR 19.2m) Series A1 financing round aimed at accelerating its field operations and strengthening its supply chain position.

Ongoing product development will continue with pre-existing capital, the company added.

The funding round was led by Prelude Ventures and Safar Partners, and included participation from several new investors such as Mitsubishi Corporation and Standard Investments.

According to Quaise, deep geothermal is a promising technology to meet the global energy transition ambitions. A deep geothermal power plant can create ten times more energy than conventional geothermal, provide continuous baseload power and unlock near-universal clean energy on a small footprint, the firm says.

Quaise seeks to harness geothermal energy at between 3 km and 20 km below the Earth’s surface via a novel technique that vapourises rock using high-power microwaves in the millimeter range. Field demonstrations are starting this year.

The new funding is intended to improve geologic understanding at pilot plant locations. The data from the upcoming tests will also help the company decide where to place the first commercial pilots.

Quaise is focused on repurposing existing fossil-fired industrial assets to leverage existing infrastructure.

Spun out of the MIT Plasma Science and Fusion Center in 2018, Quaise has so far raised over USD 95 million.

(USD 1 = EUR 0.916)

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