Quaise Energy raises $144m Series B for geothermal drilling technology as clean energy venture funding continues at scale

Quaise Energy, a developer of geothermal energy drilling technology, has raised $144m in a Series B funding round led by Prelude Ventures. The round was also joined by strategic investors JERA and Idemitsu Kosan, two major Japanese energy companies. Geothermal energy, which harnesses heat stored in the earth to generate electricity, has attracted increased investor attention as a firm, dispatchable (available on demand, unlike solar or wind) clean power source. Quaise's technology targets deep geothermal drilling, a historically cost-prohibitive approach that the company aims to make viable at commercial scale. The $144m round is a substantial Series B (a later-stage venture round following initial seed and Series A capital) for a hardware and deep-technology company, where capital requirements are significantly higher than for software businesses. The involvement of JERA and Idemitsu Kosan signals strategic interest from Japanese energy incumbents in deep geothermal technology. No legal advisers were named for this transaction. The deal was reported in the context of a broader energy and climate deals summary for the week of 6 July.