A startup based in Massachusetts is gearing up to delve more than 12 miles into the Earth’s crust to tap into what experts describe as a “million-year energy source” beneath our feet. Quaise Energy, as detailed in a press release by BusinessWire, has secured $40 million to kickstart an ambitious geothermal project born out of research conducted at the Massachusetts Institute of Technology (MIT).
If successfully realized, this venture could swiftly transform the global energy landscape with cleaner and virtually limitless power accessible worldwide. According to Quaise, the plan involves leveraging existing power plants, infrastructure, and skilled work crews to achieve its goals.
Quaise CEO Carlos Araque highlighted the potential of their technology to provide abundant clean energy across the globe, surpassing the scalability of wind and solar power. The project’s approach involves drilling “deeper, hotter, and faster” than ever before using a device called a gyrotron. This proprietary technology utilizes millimeter waves to reach unprecedented depths, with temperatures reaching up to 932 degrees Fahrenheit a dozen miles below the surface.
The company asserts that geothermal energy at such depths is potent enough to repower most fossil fuel-fired power plants globally, facilitating a rapid transition to cleaner energy sources.
While geothermal energy is already utilized in various applications, Quaise’s initiative aims to take it to new depths. The company’s team believes they can repurpose oil and gas industry crews for this endeavor, producing energy with minimal waste and utilizing less than 1% of the land required for traditional solar and wind projects.
Despite the impressive technological milestones and potential benefits, concerns about the environmental impact of deep drilling are warranted. Quaise experts express confidence in their ability to safely execute their drilling methods, including “vaporizing boreholes.” The company aims to have its first rig operational this year, with plans to retrofit a former fossil fuel power plant into a geothermal facility by 2028.
Safar Partners Managing Partner Arunas Chesonis, leading the recent funding round, expressed optimism about Quaise’s solution in addressing the pressing challenge of transitioning to clean energy. He believes that Quaise’s innovative approach holds promise for securing a sustainable future for our planet.
