Quaise Energy has closed a $134M first tranche of its Series B, led by Prelude Ventures with participation from Japanese energy firms JERA and Idemitsu, bringing total funding to $230M. The startup uses millimetre-wave microwave beams — technology originating from MIT research — to vaporise rock at depths beyond 5km, reaching temperatures of 300–500°C that conventional drill bits cannot access. The funds will go toward Project Obsidian in Oregon, targeting the world's first commercial superhot geothermal plant with grid power delivery by 2030. A hyperscaler has already signed for the first 50MW of output. The company's test site in Texas has reached nearly 1km depth, still far short of the 5km+ target, leaving the core engineering challenge unproven at commercial scale. The raise reflects surging investor interest in always-on clean power driven by AI data centre demand.
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MIT Energy Initiative researchers have developed HyCAT (Hydrogen Carrier Analysis Tool), an open-source tool that helps energy decision-makers compare the cost and carbon emissions of different methods for transporting hydrogen. The tool models five supply chain steps — liquefaction, storage, shipping, import storage, and regasification — and supports analysis of four transport approaches: direct liquefaction, toluene-based carriers, synthetic methane, and ammonia. Because optimal choices vary significantly by geography, energy costs, and infrastructure, HyCAT provides a flexible, user-configurable framework rather than a single recommendation. Ammonia is noted as the most promising carrier due to established infrastructure, but the best option depends heavily on specific supply chain conditions.
Warsaw-based venture firm Expeditions has closed a €197M Fund II, exceeding its €150M target, to back early-stage European defence startups. The fund is backed by BAE Systems (€25M), the NATO Innovation Fund, Poland's state-backed Polish Development Fund, and tech executives from Skype, Wise, Bolt, and Snowflake. Expeditions plans to invest in up to 40 companies across dual-use fields including cybersecurity, AI, autonomy, quantum, and space. The raise reflects a broader surge in European defence tech investment, with the sector raising a record $8.7bn in 2025. BAE's participation is part of its Launchpad programme, designed to commercialise its own lab technology and gain exposure to fast-moving defence startups.
Finnish quantum computing company IQM began trading on the Nasdaq Global Select Market on July 2 under the ticker "IQMX," becoming the first European quantum firm to list on a major US exchange. The company reached the market via a merger with a US shell company rather than a traditional IPO, walking away with €337 million in cash. Unusually for a European deep-tech firm, IQM kept its headquarters in Espoo, Finland, and simultaneously listed on Nasdaq Helsinki. IQM reported €31 million in 2025 revenue and an order backlog above €67 million, claiming to have sold 23 full-stack quantum computers worldwide. Despite the milestone, shares spent most of their debut day below the offer price, with investors noting the company's own prospectus warning that large-scale commercial quantum computing "may never occur."
Playground Global and Matter Venture Partners have joined NUS Enterprise's US$117 million NUS VC Programme, gaining access to Singapore's deep tech startup pipeline spanning quantum technologies, AI, biotech, and advanced materials. In return, Singapore-based startups gain connections to Silicon Valley venture networks, technical expertise, and commercialization support. NUS Enterprise will also open its first Silicon Valley outpost at Playground Global's incubation facility, giving founders access to labs, prototyping tools, and direct exposure to US customers and investors.
Norwegian deep-tech company Alva Industries has raised €16 million in a funding round led by Nysnø Climate Investments, Sandwater, and Emerald Technology Ventures. The company makes ultra-compact electric motors using its patented FiberPrinting process, which weaves conductive fibres into a motor's stator instead of winding copper wire around an iron core. This produces ironless, slotless motors that are lighter, cogging-free, and offer high torque density — properties valued in robotics, aerospace, medical devices, and defence applications. The capital will fund expanded manufacturing in Norway, product development, and international growth. Alva has hundreds of active customer projects and has previously worked with Lockheed Martin and Boeing.
Realta Fusion has demonstrated direct energy conversion (DEC) on a commercial fusion machine for the first time, drawing several amps at ~100 volts from its WHAM reactor — enough to power a handful of light bulbs. DEC skips the traditional steam turbine cycle and harvests electricity directly from charged particles, with theoretical efficiency above 90% versus ~33% for steam turbines. The test was conducted on 19 June using the WHAM experimental machine co-operated with the University of Wisconsin-Madison. Importantly, WHAM does not yet burn deuterium-tritium fuel, so this is a proof-of-concept for the hardware, not net electricity from fusion. Realta plans first commercial reactors in the mid-2030s, where DEC could reduce electricity costs by 10–20%. The company is one of eight firms in the US DOE's flagship fusion programme and raised $36M in a Series A last year.
Ashton Kutcher is departing Sound Ventures, the firm he co-founded 11 years ago with Guy Oseary, to launch a new early-stage venture capital firm alongside Morgan Beller, former a16z partner and co-creator of Meta's Libra/Diem cryptocurrency project. The unnamed new firm will focus on AI infrastructure, energy, and deep tech investments. Kutcher's move is driven by a desire to return to early-stage backing, as Sound Ventures has shifted toward later-stage deals. The split is amicable, with both sides serving in advisory roles to each other. The new firm enters a crowded field, with Founders Fund, Accel, and Eclipse all recently closing large funds targeting similar sectors, though Kutcher and Beller are positioning themselves upstream of the mega-funds by targeting infrastructure and energy companies before product-market fit is established.
Zurich and the Greater Zurich Area have quietly become one of the world's most concentrated AI and deep tech hubs, attracting R&D operations from Apple, Google, Meta, Microsoft, NVIDIA, Anthropic, and OpenAI. Switzerland ranks first globally in AI researchers per capita, leads in deep tech venture investment share, and has topped the Global Innovation Index for over a decade. ETH Zurich alone generated 40+ spin-offs in 2025, and former Google Switzerland employees have founded roughly 210 companies. The region is positioned not as a Silicon Valley replacement but as a strategic complement — offering specialized talent, proximity to leading research institutions, regulatory stability, and access to industrial sectors like healthcare, finance, and robotics.