Quaise Energy announced the closing of a $21 Million Series A1 financing round, which the company will use to enhance its field operations and strengthen its supply chain position, while ongoing product development will continue with pre-existing capital.

The round was led by Prelude Ventures and Safar Partners. Mitsubishi Corporation and Standard Investments were among several new participating investors.

Quaise says a deep geothermal power plant can create 10x more energy than conventional geothermal and provide 24/7 baseload power on a small land footprint.

“The world needs, more than ever before, game-changing technologies that can deliver abundant carbon-free heat and power to become carbon neutral by 2050,” said Toshiaki Nobuhara, General Manager, International Utility Dept. of Mitsubishi Corporation. “We believe deep geothermal has great potential to become one of these technologies.”

The company says it has advanced a novel technique to vaporize rock using high-power microwaves in the millimeter range, based on more than a decade of research at MIT and recent testing at Oak Ridge National Laboratory. The original MIT experiments have been scaled up 100x, with field demonstrations commencing this year, Quaise said.

With the new funding, Quaise will conduct magnetic and seismic surveys, among other tests, to identify the most advantageous areas for initial drilling. The data will inform the company where to place the first commercial pilots.

Quaise also wants to strengthen the supply chain for the company’s drilling technology. Due to international limitations and custom needs, Quaise is entering joint development and licensing agreements with manufacturers to ensure future equipment will meet design and capacity requirements.

A central focal point for Quaise is repurposing existing fossil-fired industrial assets by drilling onsite at functional power plants to utilize the existing infrastructure and workforce.

Another company has recently secured funding in the geothermal space: Fervo Energy. Last month, Fervo announced it had raised $244 million in new funding led by Devon Energy, meant to enable Fervo’s next phase of growth, deploying technology adapted from the oil and gas industry at scale.

Since its last fundraise, Fervo has brought its first commercial project online and began drilling at Cape Station, a 400 MW project in Beaver County, Utah. Fervo says early drilling results show reduced drilling times and lower costs that exceed Department of Energy expectations for enhanced geothermal systems (EGS).

The fundraising will support Fervo’s continued operations at Cape Station, which is expected to begin delivering electricity to the grid in 2026.

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