Quaise Energy Secures $180M in Series B Funding to Develop World's First Superhot Geothermal Plant
Quaise Energy has completed a $180 million Series B equity financing round, bringing its total capital raised to $280 million. The funding will support the development of Project Obsidian, described as the world’s first superhot geothermal power plant located in central Oregon. A key investor is Nabors Industries, which contributed $35 million and has a long-standing partnership with Quaise. The project aims to deploy cutting-edge millimetre wave drilling technology capable of accessing geothermal resources at depths exceeding 5 kilometers. Project Obsidian will be developed in three phases: starting with 50MW capacity, expanding to 250MW, and eventually aiming for over 1GW. Construction is already underway on federally leased land within the Deschutes National Forest. Nabors Industries has also signed a strategic framework agreement with Quaise Energy covering drilling operations, technology integration, and commercial initiatives. The collaboration aims to enhance efficiency, reduce costs, and accelerate timelines through shared data and joint operational efforts.
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