Quaise Energy Raises $134 Million in Initial Close of Series B to Build World’s First Superhot Geothermal Power Plant

Quaise Energy, a leading developer of utility-scale superhot geothermal energy, today announced the first close of its Series B financing, raising $134 million with additional equity and debt capital expected to close imminently. The round was led by Prelude Ventures, with strategic investments from JERA and Idemitsu, two of Japan's largest energy companies. Nearly all existing investors, including Safar Partners, participated in the round.

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The proceeds from Series B will fund Project Obsidian, the world’s first commercial superhot geothermal power plant, and the continued development and commercialization of Quaise's millimeter wave drilling system towards depths in excess of 5 km. Project-level equity and debt financing is concurrently being raised as the company advances toward first revenues secured by yet-undisclosed commercial off-take partners. The Series B brings Quaise's total funding raised to date to $230 million.

Quaise uses a millimeter wave drilling system developed at the Massachusetts Institute of Technology to ablate rock at depths and temperatures that are not economically accessible using conventional drilling. With this technology, Quaise has the unique potential to reach rock at temperatures of 300-500°C in most places worldwide, enabling the construction of geothermal systems that rival fossil and nuclear energy in power density and renewables in cost.

“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.

Quaise has demonstrated the capability of its millimeter wave drilling system at its Central Texas field site, drilling more than 100 meters through granite in 2025 — the first time the technology penetrated basement rock at full scale in field conditions. The company is now approaching one kilometer of depth at the same site, a milestone that would represent the deepest penetration ever achieved with millimeter wave drilling — and the deepest ever recorded by any non-contact drilling technology. These results validate the core technology that Quaise will deploy at Project Obsidian and at other sites as the company dramatically expands the map for geothermal.

“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,” said Mark Cupta, Managing Director at Prelude Ventures. “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.”

“Quaise's millimeter wave technology has the potential to redefine what geothermal can deliver — accessing heat at depths and temperatures that were previously out of reach. This investment reflects Idemitsu's commitment to next-generation energy solutions that can contribute to stable, sustainable power supply at scale,” said Kei Honda, Executive Leader, San Jose Office and Senior Vice President, Head of Corporate Venturing, Idemitsu Americas Holdings Corporation.

Project Obsidian, where construction is currently underway, sits on federal geothermal leases in the Deschutes National Forest in Oregon, one of the most studied geothermal locations in the United States. The project has gigawatt-scale potential and will deliver first electrons to the grid by 2030. Power will support grid stability across the Pacific Northwest at a time when the region faces rising demand and constrained transmission capacity.

“As a global energy company, JERA understands both the scale of the challenge ahead and the scale of the opportunity that next-generation geothermal represents. Millimeter wave drilling technology has the potential to make geothermal a truly global baseload resource,” said Takeshi Kodama, Head of JERA Ventures and Managing Partner, JERA Co., Inc. “We look forward to working together with Quaise to advance the development of this promising technology and business.”

“We are proud to be a partner and supporter of Quaise Energy. As the need for power grows exponentially around the world, Safar believes geothermal energy has a critical role to play, and Quaise is uniquely positioned to revolutionize the industry,” said Parinaz Motamedy, Partner at Safar Partners. “By reimagining the drilling process entirely and leveraging millimeter wave technology to reach previously inaccessible depths and temperatures, Quaise is unlocking superhot geothermal energy at a global scale. We've been working alongside the team since the beginning, and this round represents an important inflection point as the company transitions from scientific breakthroughs to commercial deployments.”

The $134 million Series B represents the initial equity component of a broader capital program. Quaise has closed $230 million to date. Additional components of the capital program, including project-level equity and debt financing, are expected to be announced later this year.

About Quaise Energy

Quaise Energy is unlocking the Earth’s deep heat to deliver clean, reliable, baseload energy at scale—almost anywhere in the world. As both a technology innovator and project developer, Quaise builds and operates solutions that harness superhot geothermal energy far below the surface, enabling power generation that can rival the output of today’s most efficient fossil fuel and nuclear plants. With its millimeter wave drilling technology, developed after more than a decade of research at the Massachusetts Institute of Technology (MIT), Quaise’s mission is to make superhot geothermal a backbone of the modern energy system, offering affordable, zero-carbon power and true energy independence for communities and nations everywhere.

About Prelude Ventures

Prelude Ventures is a climate-focused venture capital firm that invests in and supports early-stage startups with the greatest potential to mitigate climate change. For over a decade, Prelude has sought out purpose-driven founders and provided the capital and expertise needed to build the next generation of category-defining businesses that will reshape our global economy for the greater good of people and planet. Prelude Ventures is based in San Francisco, learn more at preludeventures.com.

About JERA

JERA is a global energy leader and Japan’s largest power generation company focused on providing cutting-edge solutions to the world's energy issues. Established in 2015, the Company produces one-third of Japan’s electricity, and is one of the largest LNG buyers in the world. JERA has global reach and strength throughout the energy supply chain, including participation in upstream gas exploration and production, LNG projects, fuel procurement and transportation, and power generation globally. In support of a responsible energy transition, JERA aims to achieve net-zero CO₂ emissions from its domestic and overseas businesses by 2050.

For more details: https://www.jera.co.jp/english.

About Idemitsu

Idemitsu Kosan Co., Ltd. is one of Japan’s largest energy companies, engaged in fuels, petrochemicals, high-performance materials, lubricants, and renewable energy. Through Idemitsu Americas Holdings Corporation, the company is expanding its U.S. presence to drive innovation, business development, and operational support for the Idemitsu Group across the Americas.

About Safar Partners

Safar Partners is an early to growth-stage investment platform with over $1B AUM, investing in patent-protected technology companies emerging from the world's leading universities, including MIT and Harvard. Safar focuses on three sectors: cleantech and advanced materials, robotics and quantum, and life sciences. Often the first institutional investor in its portfolio companies, Safar applies private equity discipline to venture investing and has the flexibility and expertise to support companies from inception through commercialization. For more about Safar Partners, visit https://www.safar.partners.

Forward Looking Statement:

This press release contains forward-looking statements, including statements regarding the Company's future financial performance, business plans, and expectations. These forward-looking statements are based on assumptions deemed reasonable by the Company at the time they were made. There is no assurance that such statements will prove accurate, and actual results may differ materially from those expressed or implied herein due to various risks, uncertainties, and other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and are based on the aforementioned assumptions. The Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.

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