Quaise raises geothermal wave drilling technology seed fundingJune 11, 2020
The US startup has already raised $6 million for work on ultra-deep well drilling technology.
MIT spin out, Quaise Inc. has raised $6 million in seed funding for its work on geothermal wave drilling technology. The idea is to use this tech for drilling wells at a depth of 10 to 20 km (6 to 12 miles) to access the renewable energy source.
The US-based company is seeking to develop technology to reach deeper into the ground.
Quaise announced that it had reached $6 million in its seed funding. This round was led by The Engine. Also participating in this round was the Collaborative Fund.
Geothermal wave drilling is meant to help overcome some of the most expensive and problematic challenges associated with this renewable energy source. Limitations in drilling technology have made it difficult – and often impossible – to use this renewable energy anywhere that it is not located quite close to the surface. Through new technological advance, it would be possible to unlock geothermal opportunities around the globe. This could release a power source abundant enough to meet global demands for thousands of years.
The Quaise geothermal wave drilling technology is aimed at this type of very deep wells.
The startup is creating and commercializing a hybrid deep drilling method. It was first invented at MIT’s Plasma Science and Fusion Center. It utilizes a gyrotron for the generation of millimetric electromagnetic waves. These make it possible to dig into depths far deeper than those currently possible using conventional equipment and techniques. The goal is to be able to use the geothermal well drilling to reach down 6-12 miles, well beyond the current limits, to make this renewable energy source a possibility for many more parts of the world.
“Our focus is on applying this breakthrough approach to drill deep enough to access the abundant hot rock that exists in the Earth’s crust, unlocking a clean energy source at scale,” said Quaise Energy CEO, Carlos Araque. “We intend to capitalize on the knowledge and footprint of the oil and gas industry to achieve this goal, giving us a 100-year head start for achieving operations on a global scale.”