en.Wedoany.com Reported - Quaise Energy has raised $134 million in the first close of its Series B funding round, which will be used to support the construction of "Project Obsidian," a commercial ultra-hot geothermal power plant currently being built in central Oregon, and to continue advancing its millimeter-wave drilling technology. The round was led by Prelude Ventures, with strategic investments from Japan's JERA and Idemitsu Kosan, and participation from nearly all existing investors, including Safar Partners. This funding brings Quaise's total capital raised to $230 million, and the company expects to secure the remaining funds through additional equity, project-level capital, and debt financing.

Quaise is developing a non-contact drilling system that uses millimeter-wave energy to ablate rock, accessing geothermal resources at temperatures between 300°C and 500°C. The technology is based on over a decade of research from the Massachusetts Institute of Technology. In field tests in central Texas, Quaise drilled over 100 meters into granite in 2025 and is now approaching a depth of 1 kilometer. The company's ultimate drilling target is over 5 kilometers deep, targeting ultra-hot rock formations that conventional drilling technology cannot economically exploit.

The Series B proceeds will support Project Obsidian, located in a federal geothermal lease area within the Deschutes National Forest in Oregon. Quaise stated that construction at the site is underway, supporting gigawatt-scale development, with first power expected to come online by 2030. The company is also raising project-level equity and debt financing and said it has secured commercial offtake partners, though details have not yet been disclosed. The $134 million raised in the first close of the Series B round was led by Prelude Ventures, with strategic investments from JERA and Idemitsu Kosan, bringing Quaise's total funding to $230 million. Series B funds will be used to finance Project Obsidian and the continued commercialization of Quaise's millimeter-wave drilling system. In 2025, Quaise drilled over 100 meters through granite under full-scale conditions and is approaching a depth of 1 kilometer at the central Texas site. The drilling roadmap targets depths exceeding 5 kilometers, with rock temperatures between 300°C and 500°C. Project Obsidian is under construction in a federal geothermal lease area in central Oregon. Quaise aims to achieve first power output from Project Obsidian by 2030 and describes the site as having gigawatt-scale development potential. "Our ambition is to power civilization with the most attractive energy source on Earth. This round moves us from field-proven technology toward first commercial revenue," said Carlos Araque, CEO and President of Quaise Energy.