MIT spinout Quaise has added $12m to its coffers, having previously collected seed funding from The Engine.
Quaise, a US-based geothermal energy technology spinout of Massachusetts Institute of Technology (MIT), has secured $12m in funding from land drilling company Nabors Industries.
Quaise has developed a millimetre wave drilling method for extracting geothermal energy produced and stored within the interior of Earth.
The money will accelerate technology development towards a first field demonstration.
Quaise previously obtained $6m in a seed round led by MIT-aligned tough tech fund and incubator The Engine that also included venture…
