Quaise Energy Raises $134M for Deep Geothermal Drilling with Microwaves
Quaise Energy has secured a $134 million first close on its Series B round, led by Prelude Ventures. The company aims to drill kilometers deep and vaporize rock using millimetre-wave beams.
Unconventional Approach to Geothermal Energy
Geothermal traditionally involved shallow wells and modest heat, but Quaise Energy proposes a radical shift. They plan to drill deeply and use microwaves to heat the rock, reaching temperatures between 300°C and 500°C. This innovative technique emerged from over a decade of research at MIT.
Benefits of Deep Drilling and Microwave Technology
- Increased Energy Output: Deeper wells with hotter rock yield more energy per hole.
- Reduced Downtime and Costs: Skipping traditional drill bits reduces downtime and operational costs, according to Quaise.
- Timely Opportunity: The rise of AI data centers has led to a surge in demand for reliable, clean power.
Project Obsidian: World's First Superhot Geothermal Plant
The funds will support Project Obsidian, Quaise's commercial superhot geothermal plant in Oregon, aiming for grid connection by 2030. They've already secured a deal with an unnamed hyperscaler for the initial 50 megawatts.
Revitalizing the Geothermal Sector
Geothermal energy has seen renewed interest, with Fervo Energy raising nearly $1.9 billion in its recent US listing. Other sectors like fusion and advanced reactors are also attracting significant investment.
Challenges Ahead
While engineering advancements show promise, commercial-scale practicality remains to be proven. Quaise is testing their method at a Texas site, aiming for a depth of over 5 kilometers to access the hottest rock.
By:
Cristian Dina, CRO at The Next Web