Quaise

Overview
News
Alternative Energy?
Product stageSegments
Seed
?
Renewables: Third-generation
?

Quaise has developed a millimeter-wave drilling technology that allows access to deep geothermal energy; overcoming the current geographical constraints facing geothermal energy technology. The proprietary technology was invented at the MIT Plasma Science and Fusion Center. The technology involves using a gyrotron to generate millimetric electromagnetic waves for drilling at depths beyond the capabilities of conventional drilling— up to 10 - 20 kilometers.

Quaise intends to begin testing its first full-scale rig in 2024 and aims to have its first wells delivering heat in 2026 and the first power plant retrofitted in 2028.

Funding and financials

In March 2024, Quaise raised USD 21 million in a Series A1 financing round led by Prelude Ventures and Safar Partners. The company intended to use the funds to improve its geologic understanding at pilot plant locations by conducting magnetic and seismic surveys to identify the most suitable areas for initial drilling. This will then inform the company where to place the first commercial pilots. In December 2023, Quaise raised raised USD 13 million to improve its supply chain capabilities.

Prior to this, in June 2022, the company raised USD 12 million as the second tranche of its Series A round led by TechEnergy Ventures. In February 2022, the company raised USD 40 million as the first tranche of its Series A funding round led by Safar Partners. Previously in August 2021, Quasie raised USD 12 million in a funding round led by Nabors Industries, a leading global land drilling company. The funds were utilized for the development of Quaise’s millimeter-wave drilling technology. Quaise’s geographical presence spreads across three locations: Boston, Houston, and Cambridge, UK.

HQ location:
501 MASSACHUSETTS AVENUE Cambridge MA USA
Founded year:
2018
Employees:
11-50
IPO status:
Private
Total funding:
USD 91.0 mn
Last Funding:
USD 21.0 mn (Series A; Dec 2023)
Last valuation:
-
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