Press Release: Quaise Energy Secures $40 Million Series A to Unlock Terawatt-Scale Geothermal Energy
Quaise Energy, the company unlocking terawatt-scale geothermal, announced today the closing of a $40M Series A financing round led by Safar Partners with participation from Prelude Ventures, Fine Structure Ventures, The Engine, Collaborative Fund, Nabors Energy Transition Ventures, and others. Safar Partners’ Arunas Chesonis and Mark Cupta from Prelude Ventures have joined Quaise Energy’s Board of Directors as part of the financing.
Geothermal is the only renewable, clean source of energy capable of providing baseload power at the scale of the energy transition.
Quaise Energy plans to harness deep geothermal by introducing millimeter wave drilling systems capable of reaching depths between 10-20 km. At these depths, geothermal energy is power-dense, virtually unlimited, and available everywhere on the planet.
“A rapid transition to clean energy is one of the biggest challenges faced by humanity,” said Arunas Chesonis, Managing Partner of Safar Partners. “Geothermal energy can provide a lot more power using fewer resources. We have to approach the clean energy transition from both of those angles. Quaise’s solution makes us optimistic for a future where clean, renewable energy will secure the future of our planet.”
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Source: Business Wire (link opens in a new window)