Quaise Energy has closed a $180 million Series B financing round, including a $35 million strategic investment from Nabors Industries, bringing the geothermal technology company’s total funding to $280 million. The financing will support Project Obsidian, which Quaise describes as the world’s first commercial superhot geothermal power plant.
Quaise and Nabors have also established a strategic framework spanning drilling operations, technology integration and commercial development.
The agreement gives Quaise access to a dedicated Nabors land rig and technology for reservoir modeling, well design and drilling strategy.
Quaise is developing millimeter-wave drilling technology intended to reach superhot rock at depths beyond five kilometers.
The company believes these temperatures can enable geothermal generation at significantly greater scale and in more locations than conventional geothermal resources.
Prelude Ventures led the Series B’s first close, with JERA and Idemitsu Kosan also making strategic investments.
BofA Securities and Goldman Sachs advised Quaise on the financing.
KEY QUOTES:
“We are unlocking the most powerful clean energy source on Earth, and the Series B signals deep conviction across a wide range of investors.”
Carlos Araque, CEO And President Of Quaise Energy
“Combined with Nabors’ drilling expertise and infrastructure, we see a path to gigawatt-scale geothermal power that no other company can offer today.”
Anthony G. Petrello, Chairman, President And CEO Of Nabors Industries
