Quaise Energy has closed a $180m Series B equity financing round to support the development of Project Obsidian, said to be the world’s first superhot geothermal power plant, in central Oregon, US.
The round included a $35m investment from Nabors Industries, a major land drilling contractor and long-time partner of Quaise.
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The latest financing increases Quaise’s cumulative capital raised so far to $280m.
Proceeds from the round will advance the construction of Project Obsidian and further development of Quaise’s millimetre wave drilling system, designed to access geothermal resources at depths greater than 5km.
Project Obsidian is scheduled to roll out in stages, beginning with a first phase targeting 50MW of capacity. The second phase aims to expand this to 250MW, followed by a third phase with a goal of exceeding 1GW.
Construction of Project Obsidian is in progress on federally leased geothermal land within the Deschutes National Forest in Oregon.
Quaise CEO and president Carlos Araque said: “We are unlocking the most powerful clean energy source on Earth, and the Series B signals deep conviction across a wide range of investors.
“Nabors is an invaluable partner as we move millimetre wave drilling to full commercial operations at Project Obsidian and beyond.”
Alongside the investment, Nabors and Quaise have entered a strategic framework agreement covering drilling operations, technology integration and commercial initiatives.
Under the agreement, Quaise will have access to a dedicated land rig and Nabors’ technology platform, which includes reservoir modelling, well design and drilling strategy.
The companies expect data sharing and operational collaboration to help improve drilling performance, reduce costs and accelerate project timelines.
Nabors president and CEO Anthony Petrello said: “Superhot geothermal has the potential to make clean energy ubiquitous. That is why we are excited about our close relationship with Quaise.
“Quaise’s millimetre wave technology changes the equation entirely by reaching superhot rock at temperatures and depths that are inaccessible with conventional drilling, transforming geothermal from a location-dependent resource into a global energy solution.
“Combined with Nabors’ drilling expertise and infrastructure, we see a path to gigawatt-scale geothermal power that no other company can offer today.”
The first close of the Series B was announced in July 2026, led by Prelude Ventures, with participation from Japanese energy companies JERA and Idemitsu Kosan.
BofA Securities and Goldman Sachs & Co. served as financial advisers for the raise.
