Nabors Industries Ltd. is participating in the evolution of geothermal energy through a $12 million financing in Quaise Inc., an energy company pioneering millimeter wave drilling technology to access deep geothermal energy announced.
The proceeds of this financing will be utilized to accelerate development of Quaise’s millimeter wave drilling technology towards its first field demonstration in the Western U.S., uniquely positioning the company to scale geothermal energy to terawatts of clean capacity, Quaise announced Aug. 3.
The announcement comes on the heels of Nabors' investment in two geothermal technology companies, GeoX Energy and Sage GeoSystems plus the formation of a SPAC named Nabors Energy Transition Corp. last month.
“We believe that geothermal can play a much larger role in the energy transition,” Anthony G. Petrello, Nabors’ Chairman, CEO and President, said. “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.”
“This partnership puts us on a path to show the true potential of geothermal within the next three years domestically,” Quaise co-founder and CEO Carlos Araque, said. “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.”
Quaise has raised a total of $18 million to date, which includes $6 million in Seed Funding led by The Engine, with participation from Collaborative Fund, Vinod Khosla and Safar Partners.
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