Houston-based startup Quaise Energy is raising $200M to develop its first commercial geothermal plant. (Axios)
Driven by an anticipated 250 MW PPA with an undisclosed buyer, the startup—which previously raised $120M from the likes of Mitsubishi and Nabors Industries—is seeking $100M in Series B equity alongside another $100M in grants, debt, and project-level equity.
While traditional rivals drill 3–4 miles, Quaise wants to go as deep as 12 miles to tap into 750°F "superhot" rock. This unlocks higher-capacity, lower-cost clean energy to supply large, always-on industrial loads.