Quaise Inc., an energy company pioneering millimetre wave drilling technology to access deep geothermal energy, has announced that it has raised US$12 million in financing from Nabors Industries, a leading provider of advanced technology for the global energy industry and one of the world’s largest land drilling companies. The proceeds of this financing will be utilised to accelerate development of Quaise’s millimetre wave drilling technology towards its first field demonstration in the Western US, uniquely positioning the company to scale geothermal energy to terawatts of clean capacity.
“This partnership puts us on a path to show the true potential of geothermal within the next three years domestically,” said Quaise Co-Founder and CEO, Carlos Araque. “Not only will Nabors’ technology development and deployment capabilities cut years of development time, but it will provide us with an established human capital and supply chain base to scale to terawatts.”
“We believe that geothermal can play a much larger role in the energy transition,” added Anthony G. Petrello, Nabors’ Chairman, CEO and President. “We see in Quaise one of the most potentially disruptive technologies in the space, and we believe the team is well positioned to capture the ultimate potential of this technology.”
Quaise has raised a total of US$18 million to date, which includes US$6 million in Seed Funding led by The Engine, with participation from Collaborative Fund, Vinod Khosla and Safar Partners.
Read the article online at: https://www.oilfieldtechnology.com/digital-oilfield/10082021/quaise-raises-us12-million-from-nabors-industries/