Quaise Energy raises $180 million for superhot geothermal energy development
Houston-based American startup Quaise Energy has completed a $180 million Series B funding round to develop superhot geothermal energy technology. Of this amount, $35 million was provided by drilling contractor Nabors Industries, OilPrice reports.
Millimeter-wave drilling
Quaise Energy is developing drilling technology using millimeter waves. According to the company, it is intended to make it possible to reach superhot rocks at depths and temperatures inaccessible to conventional drilling.
The startup aims to reduce geothermal energy’s dependence on locations with exceptionally favorable natural geological conditions, such as Iceland. Traditional geothermal projects use heat that naturally comes close to the Earth’s surface, for example in geyser areas, to generate electricity.
New geothermal energy methods involve deeper drilling and partly rely on technologies from the oil and gas industry. The report notes that such solutions can provide continuous generation, unlike solar and wind energy.
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Data center demand
Investment in geothermal technologies is growing amid an expected increase in electricity demand due to the development of artificial intelligence and data centers. According to a forecast by research company Rhodium Group, geothermal energy could provide up to 64% of the expected increase in data centers’ electricity demand as early as the beginning of the 2030s.
Quaise Energy President and CEO Carlos Araque said the Series B round demonstrates support for the technology from a broad range of investors. Nabors Industries President and CEO Anthony J. Petrello noted that millimeter-wave technology could expand access to superhot geothermal resources.
In addition to generating electricity, geothermal technologies can be used for heating and cooling buildings.
