Funding

Texas-Based Quaise Energy Raises $180M in Series B Funding

Aug 28, 2026 | By Devin Jacobs

SUMMARY

Quaise Energy raised $180M in Series B funding.
The funding will support deep geothermal drilling technology.
Quaise Energy develops clean geothermal power solutions.

Quaise Energy, a Houston, TX-based developer of utility-scale superhot geothermal energy, has raised $180 million in a Series B funding round brought the total amount to $280 million.

The round saw backers Nabors Industries, Prelude Ventures, JERA Co., Inc., and Idemitsu Kosan.

The company intends to use the funds to finance Project Obsidian, and accelerate the commercialization of its millimeter wave drilling system toward depths in excess of 5 km.

Funding Snapshot

Metric	Details
Fundraise Amount	$180M
Valuation	Not disclosed
Company	Quaise Energy
Sector	Geothermal Energy / CleanTech
Headquarters	Houston, Texas, USA

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About Quaise Energy

Founded to unlock deep geothermal heat, Quaise Energy develop's technology, and projects designed to generate clean reliable baseload power from superhot geothermal resources.

Core offerings include:

Superhot geothermal energy systems
Millimeter-wave drilling technology
Deep geothermal drilling
Utility-scale geothermal power projects

Core Technologies / Products / Services

Capability/Product	Application/Use Case
Millimeter-Wave Drilling	Enables drilling to extreme depths
Superhot Geothermal Technology	Accesses high-temperature underground heat
Project Obsidian	Development of a superhot geothermal power plant
Drilling Systems	Supports deep geothermal well development

Leadership Comments

“Superhot geothermal has the potential to make clean energy ubiquitous. That is why we are excited about our close relationship with Quaise,” said Anthony G. Petrello, Chairman, President and CEO, Nabors Industries.

“We are unlocking the most powerful clean energy source on Earth, and the Series B signals deep conviction across a wide range of investors,” said Carlos Araque, CEO and President, Quaise Energy. “Nabors is an invaluable partner as we move millimeter wave drilling to full commercial operations at Project Obsidian and beyond.”