World’s first superhot geothermal power plant could be built sooner with latest funding

Superhot geothermal has the potential to make clean energy ubiquitous. (Representational image)johan63A Houston-based company has received funding that can help make world’s first superhot geothermal power plant. Quaise Energy, a leading developer of utility-scale superhot geothermal energy, today announced the final close of its Series B, raising a total of $180 million in equity financing, including a $35 million investment from Nabors Industries (NYSE: NBR), one of the world’s largest land drilling contractors and a long-standing partner to Quaise.Nabors has also entered into a strategic framework agreement that supports Quaise’s mission to make superhot geothermal a commercial reality, beginning with the development of Project Obsidian, the world’s first superhot geothermal power plant. The Series B brings Quaise’s total funding to date to $280 million. Unlocking the most powerful clean energy source “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.”Nabors’ investment builds on an existing relationship with the company, and the strategic framework agreement spans drilling operations, technology integration, and commercial development. The strategic framework gives Quaise access to a dedicated land rig and Nabors’ advanced platform that integrates reservoir modeling, well design, and drilling strategy. As the drilling program advances, shared data and operational experience are expected to enhance drilling performance, reduce costs, and expedite the project timeline, according to a press release.“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. Gigawatt-scale geothermal power “Quaise’s millimeter wave technology changes the equation entirely by reaching superhot rock at temperatures and depths that are inaccessible with conventional drilling, transforming geothermal from a location-dependent resource into a global energy solution. Combined with Nabors’ drilling expertise and infrastructure, we see a path to gigawatt-scale geothermal power that no other company can offer today.”The proceeds from Series B will fund Project Obsidian, the world’s first commercial superhot geothermal power plant, and accelerate the commercialization of Quaise’s millimeter wave drilling system toward depths in excess of 5 km. The Series B round’s first close, announced in July 2026, was led by Prelude Ventures, with strategic investments from JERA Co., Inc. and Idemitsu Kosan, two of Japan’s largest energy companies. BofA Securities and Goldman Sachs & Co. LLC advised on the fundraise, as per the release. The project is intended to demonstrate that superhot geothermal resources can be developed at commercial scale. Reports indicate that the project is being developed in Central Oregon, southeast of Bend, with the longer-term ambition of establishing a new model for geothermal power generation. It was also revealed that the significance of Project Obsidian extends beyond a single power plant. If Quaise can demonstrate economically viable drilling and electricity generation from superhot rock, the technology could potentially expand geothermal power to regions that have historically lacked conventional geothermal resources. Get the latest in engineering, tech, space & science - delivered daily to your inbox.Prabhat, an alumnus of the Indian Institute of Mass Communication, is a tech and defense journalist. While he enjoys writing on modern weapons and emerging tech, he has also reported on global politics and business. He has been previously associated with well-known media houses, including the International Business Times (Singapore Edition) and ANI.