Quaise Energy, a Cambridge, MA-based terawatt-scale geothermal company, raised $21M in Series A1 funding.
The round, which brought the total amount to $95M, was led by Prelude Ventures and Safar Partners with participation from Mitsubishi Corporation and Standard Investments.
The company intends to use the funds to enhance its field operations and strengthen its supply chain position, while ongoing product development will continue with pre-existing capital.
Led by CEO Carlos Araque, Quaise Energy is a terawatt-scale geothermal company opening access to renewable baseload power for the planet. 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. A central focal point of Quaise is repurposing existing fossil-fired industrial assets. By drilling onsite at functional power plants to utilize the existing infrastructure and workforce, a smoother energy transition becomes possible. Deep geothermal power plants, harnessed globally, have the potential to collectively generate terawatts of clean power, rivaling the output of fossil fuels but with zero carbon.
Quaise Energy spun out of the MIT Plasma Science and Fusion Center in 2018.