Edited from a New England Council (newenglandcouncil.com) statement
BOSTON
“A Massachusetts Institute of Technology (MIT), spinoff company, Quaise Energy, is digging into the Earth to ease fossil-fuel reliance. MIT invests in startup technology companies, including Quaise Energy, using its fund and platform, called The Engine, to commercialize world-changing technologies.
“Quaise Energy has created new technology capable of digging some of the deepest boreholes in history to reach rocks below ground and surface a kind of heavy steam that has the potential to provide enormous quantities of energy, with a goal of using this steam to run power plants.
“To dig these holes, it will require the power of a laser to cut through dense rock, and it also needs to retain its intensity over long distances. This means as the technology goes further underground, it will have to maintain its power. Another advantage is that the lasers vitrify boreholes, meaning that their heat encases the blasted rock in glass and makes the holes less likely to collapse, which has been a significant problem in getting this type of energy when past companies have tried. There are other concerns that this team with the backing of MIT is working to resolve, including reducing the chances of seismic waves because of this.
“‘By drilling deeper, hotter, and faster than ever before possible, Quaise aspires to provide abundant and reliable clean energy for all humanity,’ said Carlos Araque, a former MIT student and employee, whose new company has raised $63 million to prove its technology. ‘This could provide a path to energy independence for every nation and enable a rapid transition off fossil fuels.’’’
