Key Takeaways
- • Quaise Energy closed a $180 million Series B funding round, bringing total capital raised to $280 million, with strategic backing from Nabors Industries ($35 million investment).
- • Nabors Industries, a major global land drilling contractor, entered into a strategic framework agreement with Quaise to support development of Project Obsidian, positioned as the world's first superhot geothermal power plant.
- • Quaise's millimeter wave drilling technology, developed over a decade at MIT, enables utility-scale superhot geothermal power generation that can match output efficiency of modern fossil fuel and nuclear plants.
- • The company operates as both a technology innovator and project developer, targeting deployment of baseload clean energy across geographically diverse markets with minimal carbon footprint.
Summary
Quaise Energy announced the final close of its Series B funding round on September 1, 2026, raising $180 million in equity financing. The round was anchored by a $35 million investment from Nabors Industries, the world's largest land drilling contractor and an existing partner to Quaise. This financing brings the company's cumulative funding to $280 million.
Beyond the capital injection, Nabors has committed to a strategic framework agreement designed to accelerate commercialization of superhot geothermal energy. The partnership specifically targets Project Obsidian, which Quaise describes as the world's first superhot geothermal power plant. This collaboration leverages Nabors' deep drilling expertise to support Quaise's infrastructure development objectives.
Quaise Energy develops utility-scale superhot geothermal systems powered by proprietary millimeter wave drilling technology refined over more than a decade of research at MIT. The company positions its technology as capable of delivering baseload power generation with zero-carbon output at scales comparable to conventional fossil fuel and nuclear plants. Quaise operates as an integrated technology and project developer, with the stated mission of establishing superhot geothermal as a foundational component of global energy systems, offering communities and nations affordable, reliable, and independent power generation options.
The funding milestone reflects investor confidence in both Quaise's technical capabilities and the commercial viability of superhot geothermal as a renewable baseload energy solution. The Nabors partnership signals alignment between traditional energy infrastructure expertise and next-generation geothermal development, potentially accelerating Project Obsidian's deployment timeline and establishing operational frameworks for future projects.
Beyond the capital injection, Nabors has committed to a strategic framework agreement designed to accelerate commercialization of superhot geothermal energy. The partnership specifically targets Project Obsidian, which Quaise describes as the world's first superhot geothermal power plant. This collaboration leverages Nabors' deep drilling expertise to support Quaise's infrastructure development objectives.
Quaise Energy develops utility-scale superhot geothermal systems powered by proprietary millimeter wave drilling technology refined over more than a decade of research at MIT. The company positions its technology as capable of delivering baseload power generation with zero-carbon output at scales comparable to conventional fossil fuel and nuclear plants. Quaise operates as an integrated technology and project developer, with the stated mission of establishing superhot geothermal as a foundational component of global energy systems, offering communities and nations affordable, reliable, and independent power generation options.
The funding milestone reflects investor confidence in both Quaise's technical capabilities and the commercial viability of superhot geothermal as a renewable baseload energy solution. The Nabors partnership signals alignment between traditional energy infrastructure expertise and next-generation geothermal development, potentially accelerating Project Obsidian's deployment timeline and establishing operational frameworks for future projects.
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