Quaise Energy has successfully raised $134 million in a Series B round to accelerate the commercial deployment of its geothermal energy technology. Prelude Ventures led this round, with JERA and Idemitsu serving as strategic investors, alongside Safar Partners and other existing company partners.
Technology and Company Goals
Quaise plans to use this technology to extract geothermal electricity from previously inaccessible but costly resources on an industrial scale. Founded in Houston, the company aims to produce clean, stable electricity from wells where temperatures range from 400 to 1000 degrees Celsius and depths exceed a mile beneath the Earth's surface.
Project Obsidian and Its Implementation
The company asserts that 'Project Obsidian' will become the world's first commercial power plant based on superhot geothermal energy. Theoretically, such a plant could power a facility comparable in capacity to modern coal or nuclear plants while offering competitive and renewable tariffs. Work on this facility is already underway on federally owned geothermal sites in the Deschutes National Forest in Oregon. Project Obsidian is planned to begin feeding energy into the grid in 2030, providing constant base load for the Pacific Northwest.
Drilling Equipment Development
In addition to Project Obsidian, Quaise continues to work on its specialized drilling equipment—a 'millimeter wave' type system. This system uses high-frequency energy to vaporize rock, allowing it to reach temperatures of 300–500°C at depths exceeding five miles underground.
Testing and Scientific Basis
For over ten years, the company has been developing its drilling technology, building upon research initiated at the Massachusetts Institute of Technology. During 2025, the company successfully drilled over 100 meters through granite using its full-scale system at a test site in Central Texas. The company is currently approaching a depth of one kilometer at the same site. According to Quaise, this will be the deepest penetration achieved using millimeter wave drilling and the deepest recorded by any non-contact drilling technology.
Prospects and Market Demand
Managing Director Mark Cupta of Prelude Ventures noted that the company's recent field achievements prove that superhot geothermal energy can become a practical, large-scale energy source capable of meeting future electricity demand. The growing interest in geothermal energy is driven by countries' efforts to find a reliable, low-carbon energy source alongside solar and wind generation. Unlike intermittent renewables, geothermal energy can generate electricity continuously regardless of weather conditions. Quaise believes that its drilling technology significantly expands the number of suitable locations for geothermal energy production, which can reduce dependence on fossil fuels and strengthen national energy independence. The attracted capital will allow the company to continue commercializing its drilling technology and advancing Project Obsidian toward generating initial revenue. Additional funding is expected to support the construction and development of projects later this year.
