Quaise Energy, Inc., a Cambridge, MA-based terawatt-scale geothermal company, raised an incremental $12M in Series A funding.
This expanded its Series A financing round from $40M to $52M.
The $12M round was led by TechEnergy Ventures, the Corporate Venture Capital group within the Energy Transition Division of Tecpetrol, which is a part of the Techint Group. HostPlus, Prelude Ventures, Safar Partners and Xplorer Capital also participated in this financing.
The company intends to use the funds to expand its technology development roadmap and form foundational strategic partnerships that further scale the business.
Led by Co-Founder and Chief Executive Officer Carlos Araque, Quaise Energy is a terawatt-scale geothermal company that is opening access to renewable, baseload power from anywhere on planet Earth. Deep geothermal uses less than 1% of the land and materials of other renewables, making it the only option for a sustainable clean energy transition. The company will build field-deployable machines to demonstrate the capabilities of its novel drilling technology under real geological and operational conditions and then go on to repower traditional fossil-fired power plants with clean geothermal steam by the end of the decade.
Quaise Energy spun out of the MIT Plasma Science and Fusion Center in 2018.
FinSMEs
08/06/2022