Other participants in the financing round financing include Prelude Ventures, Fine Structure Ventures, The Engine, Collaborative Fund and Nabors Energy Transition Ventures. Safar Partners’ Arunas Chesonis and Mark Cupta from Prelude Ventures have joined Quaise Energy's Board of Directors as part of the financing.
At depths of 10-20 km, 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.”
The funding will be used to accelerate product development. The company will build field-deployable drilling machines to demonstrate the capabilities of the new drilling technology in the field by 2024. It will also expand its multi-disciplinary teams based in Boston, Houston, and Cambridge, UK, doubling its number of engineers and creating new roles to refine and execute its commercialization strategy.
The company plans to use its novel drilling technology to repower traditional power plants, saving infrastructure costs and utilising the current oil and gas industry’s workforce to accelerate the shift towards a sustainable energy industry.
Quaise Energy spun out of the MIT Plasma Science and Fusion Center in 2018. The company has raised $63 million to date, including $18 million in seed funds and $5 million in grant money.
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