Quaise Energy Raises $134M in Initial Close of Series B Funding

The company will use the funding to further develop Project Obsidian, its commercial superhot geothermal power plant, and continue advancing its millimeter-wave drilling technology to reach depths of more than 5 kilometers.

Quaise uses a millimeter-wave drilling technology developed at the Massachusetts Institute of Technology to drill through rock at depths and temperatures that are difficult and costly to reach with conventional methods. The technology is designed to access rock temperatures of 300–500°C in many parts of the world, making it possible to develop geothermal power plants that can deliver reliable, low-cost energy on a large scale.

Quaise has successfully tested its millimeter wave drilling system at it's Central Texas field site, drilling more than 100 meters into granite during 2025. This marked the first time the technology reached basement rock at full scale under real field conditions.

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The company is now working toward drilling to a depth of one kilometer at the same site, which would be the deepest ever achieved using millimeter-wave drilling or any non-contact drilling technology. These results support the technology that Quaise plans to use for Project Obsidian and future geothermal projects.

“We have backed Quaise since the beginning because we believed accessing superhot rock would unlock geothermal energy at a scale the world has never seen,” said Mark Cupta, Managing Director at Prelude Ventures. “What the team has achieved in the field and what they are now building at Project Obsidian validate that conviction, and we are proud to continue supporting Quaise as they move from proving the technology to powering the grid with clean, reliable energy nearly anywhere on Earth.”

“Quaise's millimeter wave technology has the potential to redefine what geothermal can deliver — accessing heat at depths and temperatures that were previously out of reach. This investment reflects Idemitsu's commitment to next-generation energy solutions that can contribute to a stable, sustainable power supply at scale,” said Kei Honda, Executive Leader, San Jose Office and Senior Vice President, Head of Corporate Venturing, Idemitsu Americas Holdings Corporation.

“As a global energy company, JERA understands both the scale of the challenge ahead and the scale of the opportunity that next-generation geothermal represents. Millimeter wave drilling technology has the potential to make geothermal a truly global baseload resource,” said Takeshi Kodama, Head of JERA Ventures and Managing Partner, JERA Co., Inc. “We look forward to working together with Quaise to advance the development of this promising technology and business.”

“We are proud to be a partner and supporter of Quaise Energy. As the need for power grows exponentially around the world, Safar believes geothermal energy has a critical role to play, and Quaise is uniquely positioned to revolutionize the industry,” said Parinaz Motamedy, Partner at Safar Partners. “By reimagining the drilling process entirely and leveraging millimeter wave technology to reach previously inaccessible depths and temperatures, Quaise is unlocking superhot geothermal energy at a global scale.

About Quaise Energy

Founded in 2018, Quaise Energy develops technologies to tap the Earth's deep geothermal heat and produce clean, reliable electricity. The company builds and operates superhot geothermal energy projects designed to deliver large scale power that can compete with traditional fossil fuel and nuclear power plants.

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