Quaise Energy develops superhot geothermal power systems and the millimeter wave drilling technology to access deep, high-temperature rock. Its drilling approach, developed after research at MIT, ablates rock and aims to reach temperatures of roughly 300–500°C at depths beyond what conventional drilling can economically access. The company has demonstrated field progress, drilling more than 100 meters through granite in 2025 and is approaching one kilometer of depth at its Central Texas site. Quaise is both a technology innovator and project developer and is constructing Project Obsidian on federal geothermal leases in Oregon with construction underway. The company says Project Obsidian has gigawatt-scale potential and plans to deliver first electrons to the grid by 2030. Quaise has raised $230 million to date, with the recent $134 million Series B serving as the initial equity component of a broader capital program that includes project-level equity and debt.

Total raised

$225M

Funding rounds

6

Latest round

Series B

Latest activity

Jul 2026