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Geothermal Startup Quaise Is Raising $25M As It Gears Up For Drilling

Dec 12, 2023•over 1 year ago

Amount Raised

$25 Million

Cambridge

Description

Quaise, a geothermal energy startup, has announced that it has secured $25 million in funding to finance its next phase of drilling. The company is dedicated to the exploration and exploitation of underground thermal energy to ensure a sustainable and clean energy supply. With this financing, Quaise hopes to accelerate its development and carry out large-scale geothermal drilling projects.

Company Information

Company

Quaise Energy, Inc.

Location

501 MASSACHUSETTS AVENUE

Cambridge, Maryland, United States

About

Quaise develops millimeter wave drilling systems for deep geothermal heat access. Our technology is the only approach in the world with the potential to build geothermal wells at unprecedented depths and temperatures. By targeting depths up to 20 kilometers and temperatures up to 500 degrees Celsius, we will have the ability to build clean electric generation and heat distribution plants within a short distance of every major population and industrial center on the planet, at a fraction of the footprint of other renewables. And by scaling through the established supply base of the fossil fuel industry, we will be able to achieve the terawatt-level annual deployments that will be required to successfully decarbonize our global energy system.

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