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Nabors Reiterates Third Quarter 2021 Outlook and Announces Repayment of 4 625% Senior Notes
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Quaise raises US$12 million from Nabors Industries
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The round was led by Nabors Industries.
The company intends to use the funds to accelerate development of its millimeter wave drilling technology towards its first field demonstration in the Western U.S., positioning it to scale geothermal energy to terawatts.
Led by Carlos Araque, co-founder and CEO, Quaise provides millimeter wave drilling systems to harness geothermal energy around the globe, overcoming the geographic constraints limiting this energy source today. The company’s technology enables the clean energy transition by accessing the largest source of power-dense clean energy on Earth.
Quaise has raised a total of $18 million to date, which includes $6 million in Seed Funding led by The Engine, with participation from Collaborative Fund, Vinod Khosla and Safar Partners.
Quaise Inc secures $12m in financing from Nabors Industries
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Operator
Good day, and welcome to the Q2 2021 Nabors Industries Ltd. earnings conference call. [Operator instructions] Please note, this event is being recorded. I would now like to turn the conference over to William Conroy, vice president of corporate development and investor relations.
Please go ahead.
Vice President of Corporate Development and Investor Relations
Good morning, everyone. Thank you for joining Nabors second-quarter 2021 earnings conference call. Today, we will follow our customary format with Tony Petrello, our chairman, president, and chief executive officer; and William Restrepo, our chief financial officer, providing their perspectives on the quarter s results along with insights into our markets and how we expect Nabors to perform in these markets. In support of these remarks, a slide deck is available both as a download within the webcast and in the investor relations section of nabors.com.