Quaise Energy raised $134 million in the initial close of its Series B financing to fund Project Obsidian, a commercial superhot geothermal power plant under construction in Central Oregon, and continue development of its millimeter wave drilling technology. Prelude Ventures led the round, with strategic investments from JERA and Idemitsu Kosan and participation from nearly all existing investors, including Safar Partners. The financing brings Quaise’s total capital raised to $230 million, while the company expects additional equity, project-level capital, and debt financing to close separately.
Quaise is developing a non-contact drilling system that uses millimeter wave energy to ablate rock and access geothermal resources at temperatures of 300°C to 500°C. The technology originated from more than a decade of research at the Massachusetts Institute of Technology. At its Central Texas field site, Quaise drilled more than 100 meters through granite in 2025 and is now approaching one kilometer of depth. The company ultimately aims to drill beyond 5 km, targeting superhot rock formations that conventional drilling technologies cannot economically reach.
Series B proceeds will support Project Obsidian, located on federal geothermal leases in the Deschutes National Forest in Oregon. Quaise said construction is underway and the project could support gigawatt-scale development, with first electricity targeted for delivery to the grid by 2030. The company is concurrently raising project-level equity and debt financing and said it has secured commercial off-take partners that remain undisclosed.
• $134 million raised in the initial close of the Series B financing.
• Prelude Ventures led the round, with strategic investments from JERA and Idemitsu Kosan.
• Total funding raised by Quaise reached $230 million.
• Series B capital will fund Project Obsidian and continued commercialization of Quaise’s millimeter wave drilling system.
• Quaise drilled more than 100 meters through granite at full scale in 2025 and is approaching one kilometer of depth at its Central Texas field site.
• The drilling roadmap targets depths beyond 5 km and rock temperatures of 300°C to 500°C.
• Project Obsidian is under construction on federal geothermal leases in Central Oregon.
• Quaise targets first electricity from Project Obsidian by 2030 and describes the site as having gigawatt-scale development potential.
“Our ambition is to power civilization with Earth’s most compelling energy source. This round takes us from field-proven technology to first commercial revenues,” said Carlos Araque, CEO and President of Quaise Energy.
🌐 Analysis: Quaise is moving from technology demonstration toward project development at a time when data centers, AI infrastructure, and electrification are increasing demand for firm power generation. The key technical and commercial milestones will be demonstrating reliable millimeter wave drilling at kilometer-scale depths, reaching superhot formations economically, and converting Project Obsidian’s stated gigawatt-scale potential into operating generation capacity and contracted revenues.
