Geothermal energy technology company Quaise Energy announced that it has raised $134 million at the first close of a Series B funding round, with proceeds aimed at supporting the development of the world’s first commercial superhot geothermal power plant.
Founded in 2018 as a spinout from the Massachusetts Institute of Technology, Cambridge-based Quaise develops solutions aimed at harnessing superhot geothermal energy far below the surface, to enable power generation that can rival the output of fossil fuel and nuclear plants. The company uses a millimeter-wave drilling system designed to access geothermal resources at depths and temperatures beyond the reach of conventional drilling methods. According to Quaise, its solution has the potential to reach rock at temperatures of 300-500°C in most places worldwide.
Carlos Araque, CEO and President of Quaise Energy, said:
“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.”
According to the company, proceeds from the new financing round will fund Project Obsidian, the world’s first commercial superhot geothermal power plant. The project is located on federal geothermal leases in the Deschutes National Forest in Oregon, one of the most studied geothermal locations in the United States. The company said that the project has gigawatt-scale potential and is expected to begin delivering electricity to the grid by 2030, helping support grid reliability in the Pacific Northwest amid rising electricity demand and transmission constraints.
The funding round was led by Prelude Ventures, with strategic investments from two of Japan’s largest energy companies JERA and Idemitsu, alongside nearly all existing investors. Quaise said that the $134 million Series B represents the initial equity component of a broader capital program. The company has raised $230 million to date and expects to announce additional project-level equity and debt financing later this year.
Mark Cupta, Managing Director at Prelude Ventures, said:
“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. What the team has achieved in the field and what they are now building at Project Obsidian validates 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.”
