Geothermal Financing Rounds
Quaise Energy Has Raised $134 Million for Deep Geothermal Power
Adam Harrie — July 7, 2026
Quaise Energy closed the first $134 million of its Series B financing to advance superhot geothermal energy development, led by Prelude Ventures with strategic backing from Japanese energy companies JERA and Idemitsu. The funding will support Project Obsidian, the world's first commercial superhot geothermal power plant, and the continued development of Quaise's MIT-originated millimeter-wave drilling system, designed to reach depths beyond 5 kilometers.
Quaise has already drilled more than 100 meters through granite at its Central Texas field site and is now approaching one kilometer, representing the deepest penetration achieved using non-contact drilling technology.
Quaise's funding shows how advances in drilling technology are bringing superhot geothermal energy closer to becoming a scalable source of around-the-clock clean electricity.
