Superhot Geothermal Funding Rounds

Quaise Energy closed its Series B round, raising $180 million in total equity financing, including a $35 million investment from Nabors Industries, bringing the company's total funding to date to $280 million. Nabors also entered into a strategic framework agreement supporting Quaise's mission to commercialize superhot geothermal energy, beginning with Project Obsidian, the world's first superhot geothermal power plant.

The funding will support Project Obsidian and accelerate the commercialization of Quaise's millimeter-wave drilling system, which can reach depths exceeding 5 kilometers and access superhot rock that conventional drilling cannot reach.

As global demand for clean, reliable baseload power accelerates, Quaise's funding signals that superhot geothermal could transition from a location-dependent resource to a genuinely global energy solution, offering a path toward gigawatt-scale clean power generation.