Quaise Energy, a leading developer of utility-scale superhot geothermal energy, has raised $180M in Series B funding round.
The first close of the Series B, announced in July 2026 was led by Prelude Ventures. Strategic investors include JERA Co., Inc. and Idemitsu Kosan, two major Japanese energy companies.
Nabors Industries joined the financing with its additional $35 million investment.
The two companies have also signed a strategic framework agreement covering drilling operations, technology integration and commercial development.
Under the agreement, Quaise will have access to a dedicated land rig and Nabors’ drilling platform, which combines reservoir modeling, well design and drilling strategy.
The companies will share operational data and experience to improve drilling performance, lower costs and potentially speed up the Project Obsidian timeline.
“This investment brings together strategic commitment and one of the most compelling opportunities in geothermal energy,” said Anthony G. Petrello, Chairman, President and Chief Executive Officer of Nabors. “Quaise’s technology closely aligns with our core strengths. By pairing its innovation with Nabors’ global platform, technical expertise, and field execution capabilities, we believe we can help accelerate industry adoption while creating an attractive pathway for long-term value creation.”
BofA Securities and Goldman Sachs & Co. LLC advised Quaise Energy on the fundraising.
Quaise Energy plans to use the new funding to:
Project Obsidian is being developed as a commercial superhot geothermal power plant and is expected to demonstrate the potential of geothermal energy as a large-scale, reliable power source.
Carlos Araque, Chief Executive Officer and President of Quaise Energy, said, “Nabors combines world-class drilling, advanced technology, field execution, and a global operating footprint. Its increased investment is a strong endorsement of our technology and growth strategy. We could not be more excited to move forward together as we advance our technology and bring the world’s first superhot geothermal power plant to life – a meaningful next step toward deploying geothermal at commercial scale.”
Superhot geothermal energy uses the Earth’s heat at extremely high temperatures and deep underground. Quaise Energy is developing technology designed to reach these deep, superhot rock formations, which are difficult to access using traditional drilling methods.
The company uses millimeter-wave drilling technology originally developed through more than a decade of research at the Massachusetts Institute of Technology (MIT).
Quaise believes this technology could unlock geothermal resources in more locations and enable the production of reliable, zero-carbon electricity at utility scale.
Quaise Energy is a Houston, Texas-based geothermal energy technology company and project developer focused on utility-scale superhot geothermal power.
Led by CEO Carlos Araque, the company is developing millimeter-wave drilling technology to reach deep geothermal heat beyond the limits of conventional drilling.
Its goal is to make superhot geothermal energy a reliable source of clean, baseload electricity for communities, industries and power grids around the world.
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