Quaise raises $134M Series B to build first superhot geothermal plant
What's the deal? Quaise has raised $134 million at the first close of a Series B round to fund the world's first commercial superhot geothermal power plant. Prelude VenturesDealroom has a profile for this one. Try Dealroom → led the round, with strategic investments from Japanese energy giants JERADealroom has a profile for this one. Try Dealroom → and IdemitsuDealroom has a profile for this one. Try Dealroom →, alongside nearly all existing investors.
What's the endgame? The Cambridge-based company, a 2018 spinout from the Massachusetts Institute of Technology, uses a millimetre-wave drilling system to reach geothermal resources beyond the depths of conventional drilling. It says the technology can tap rock at 300-500°C in most places worldwide, enabling clean power generation that rivals fossil fuel and nuclear plants.
Where's the money going? The funds will support Project Obsidian, a gigawatt-scale plant on federal geothermal leases in Oregon's Deschutes National Forest, one of the most studied geothermal sites in the US. The project is expected to begin delivering electricity to the grid by 2030, easing reliability pressures in the Pacific Northwest amid rising demand and transmission constraints.
Why now? Chief executive Carlos Araque framed the round as an inflection point. "This round takes us from field-proven technology to first commercial revenues," he said.
By the numbers: Quaise has raised $230 million to date. It described the $134 million Series B as the initial equity component of a broader capital program, with more project-level equity and debt financing expected later this year.
The signal: Backers are betting that superhot rock can unlock geothermal at a scale not seen before. "We believed accessing superhot rock would unlock geothermal energy at a scale the world has never seen," said Mark CuptaDealroom has a profile for this one. Try Dealroom →, managing director at Prelude Ventures, adding that the move takes Quaise "from proving the technology to powering the grid with clean, reliable energy nearly anywhere on Earth."
Read more: ESG Today
