Quaise Energy, a Cambridge, MA-based terawatt-scale geothermal company, closed a $40M Series A financing round.
The round was led by Safar Partners with participation from Prelude Ventures, Fine Structure Ventures, The Engine, Collaborative Fund, Nabors Energy Transition Ventures, and others. In conjunction with the funding, Safar Partners’ Arunas Chesonis and Mark Cupta from Prelude Ventures joined Quaise Energy’s Board of Directors.
The company intends to use the funds to accelerate product development and expand its multi-disciplinary teams based in Boston, Houston, and Cambridge, UK.
Led by Carlos Araque, CEO and co-founder, Quaise Energy is a terawatt-scale geothermal company opening access to renewable, baseload power from anywhere on planet Earth. The company will build field-deployable drilling machines to demonstrate the capabilities of this novel drilling technology in the field by 2024.
Quaise Energy spun out of the MIT Plasma Science and Fusion Center in 2018. The company has raised $63M to date, including $18M in seed funds and $5M in grant money.