Quaise Energy seeks to raise $200m for 50-MW geothermal development in Oregon
Quaise Energy is aiming to raise $200 million to support a 50-MW geothermal project in Central Oregon that will showcase millimeter wave drilling technology.
Quaise Energy is seeking to raise $200 million in financing and grants to support its first commercial plant in Central Oregon, with a target 50-MW capacity and start of operations by 2030. The site aims to tap into superhot geothermal resource and will be a showcase for the company’s novel millimeter wave drilling technology.
Located in Central Oregon, Project Obsidian is being developed as a site that utilizes a combination of conventional drilling with millimeter wave technology. The initial phase of the project envisions a 50-MW development and an additional 200 MW as more wells are drilled.
In 2025, the company achieved a milestone for their technology, drilling through 100 meters of granite at a test site in Central Texas. Quaise Energy has set progressively deeper targets for the coming years – later this year, the goal is to drill to about 1000 meters. With the progress being made on the drilling technology, the well to be drilled at the Oregon site is aiming for a target depth of about 4800 meters to access superhot resources.
“We’re bringing those two factors together — superhot geothermal and the drilling technology — so that we can do this just about anywhere,” said Harry Kelso, Communications Manager for Quaise, in a statement to Canary Media. “That’s the whole ambition, and why this year is so important.”
To fund the 50-MW development, Quaise is seeking $100 million in a Series B funding round. The company also aims to secure another $100 million in grants and financing. Quaise says that they have already signed a power purchase agreement for the first 50 MW capacity, and that they are working to agreements for the further 200 MW of capacity.
Source: Canary Media
