Quaise Energy has announced the final close of their Series B funding round, raising a total of $180 million in equity financing. Among the investors participating in this round is Nabors Industries, one of the largest land drilling contractors, with a $35 million investment. The investment will go toward the continued development of Quaise’s Project Obsidian superhot geothermal project in Oregon, as well as its millimeter wave drilling technology.
The story follows on an initial close of the Series B funding round, reported about a month ago. With the round now finalized, it brings the company’s total funding raise to USD 280 million.
“We are unlocking the most powerful clean energy source on Earth, and the Series B signals deep conviction across a wide range of investors,” said Carlos Araque, CEO and President, Quaise Energy. “Nabors is an invaluable partner as we move millimeter wave drilling to full commercial operations at Project Obsidian and beyond.”
Aside from the investment, Quaise has also entered into a strategic framework agreement with Nabors that gives Quaise access to a dedicated land rig and Nabors’ integrated reservoir modeling, well design, and drilling strategy platform. As the drilling program advances, shared data and operational experience are expected to enhance drilling performance, reduce costs, and expedite the project timeline.
Quaise had officially declared the start of drilling at the Project Obsidian site in Oregon as of July 2026. The development envisions electricity generation from a superhot geothermal resource, with a 50-MW capacity targeted for Phase I and a total 250-MW capacity for later stages. Aside from aiming to be the first commercial superhot geothermal power plant, the project is also expected to accelerate the commercialization of Quaise’s millimeter wave drilling system toward depths in excess of 5 km.
“Superhot geothermal has the potential to make clean energy ubiquitous. That is why we are excited about our close relationship with Quaise,” added Anthony G. Petrello, Chairman, President and CEO, Nabors Industries. “Quaise’s millimeter 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.”
Source: Quaise Energy
