Quaise, an energy company pioneering millimeter wave drilling technology to access deep geothermal energy ("Quaise"), today announced that it has raised $12 million in financing from Nabors Industries ("Nabors"), a leading provider of advanced technology for the global energy industry and one of the world's largest land drilling companies. 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.

Quaise is developing and commercializing novel millimeter wave drilling systems to harness geothermal energy around the globe, overcoming the geographic constraints limiting this energy source today. Quaise's technology enables the clean energy transition by accessing the largest source of power-dense clean energy on Earth.