US startup raises $180m to drill 5km deep for superhot geothermal power
US startup Quaise Energy has raised $180 million to develop a geothermal drilling technology that uses microwave gyrotrons to vaporize rock. This method aims to reach extreme depths to access superhot geothermal energy without the need for traditional mechanical drill bits.
Why it matters
This technology could potentially unlock a massive, carbon-free, and continuous source of renewable energy by tapping into the Earth's deep heat.
Quaise Energy, an American startup, announced on August 27 the final closing of a $180 million funding round, which included $35 million from Nabors, to finance the Obsidian Project in Oregon, where a microwave gyrotron will create wells in rock between 300 °C and 500 °C to establish the first commercial superhot geothermal plant on the planet, as per a report by ThinkGeoEnergy.According to the statement, the Series B totals $180 million, bringing the startup's total funding to $280 million since its inception. The first tranche, amounting to $134 million, was previously announced on July 7, led by Prelude Ventures with participation from Japanese companies JERA and Idemitsu Kosan. The new addition to the list is Nabors Industries, one of the largest oil and gas drillers in the world, which contributed $35 million and signed a strategic agreement.
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