June 8 (Renewables Now) – Geothermal start-up Quaise Energy has raised an additional USD 12 million (EUR 11.2m) in a funding round led by TechEnergy Ventures, the corporate venture capital (VC) group within Tecpetrol’s energy transition division.
Quaise Energy said on Wednesday that it has expanded its Series A financing round, closed earlier this year, from USD 40 million to USD 52 million. In addition to TechEnergy Ventures, new financing is contributed by HostPlus, Prelude Ventures, Safar Partners and Xplorer Capital.
Spun out of the Plasma Science and Fusion Center (PSFC) at the Massachusetts Institute of Technology (MIT) in 2018, Quaise Energy is developing a milimetre wave drilling system capable of reaching depths of 10-20 kilometres (6.2-12.4 mi). It says that at these depths, geothermal energy is power-dense, virtually unlimited and available everywhere.
The company seeks to build field-deployable machines to showcase the capabilities of its drilling technology under real geological and operational conditions. It aims to repower traditional fossil-fired power plants with clean geothermal steam by 2030.
”We will use the additional investment to expand our technology development roadmap and form foundational strategic partnerships that further scale our business,” said co-founder and CEO Carlos Araque.
To date, Quaise Energy has raised a total of USD 75 million.
(USD 1.0 = EUR 0.932)
Join Renewables Now’s free daily newsletter now!
