Quaise Energy Raises $144 Million for 250-MW Oregon Geothermal Plant
Updated
Updated · Bloomberg · Jul 7
Quaise Energy Raises $144 Million for 250-MW Oregon Geothermal Plant
1 articles · Updated · Bloomberg · Jul 7
Summary
$144 million in Series B funding will help Quaise Energy scale its first commercial project — a 250-megawatt geothermal plant planned south of Oregon's Newberry Volcano.
Prelude Ventures led the round, which Quaise said will also advance its superhot-rock drilling technology aimed at delivering always-on carbon-free electricity.
The Oregon project already has a hyperscaler customer lined up for its first 50 megawatts, underscoring demand from data centers for round-the-clock clean power.
CEO Carlos Araque declined to name the customer, but the early offtake suggests Quaise is moving beyond technology development toward commercial deployment.
Quaise aims to power the world by vaporizing rock, but can it overcome critical supply chain hurdles to deliver on its promise?
With test drilling underway, will deep geothermal become the key power source for data centers, outcompeting advanced nuclear?
Project Obsidian’s 50 MWe Breakthrough: How Quaise Energy’s Millimeter-Wave Drilling is Unlocking Universal Superhot Geothermal Power
Overview
Project Obsidian is Quaise Energy’s bold effort to transform geothermal power by using advanced drilling technology to reach much hotter and deeper parts of the Earth than ever before. By overcoming traditional geothermal limits, this approach could make clean, reliable energy possible almost anywhere. In 2026, key milestones were reached, including scientific validation that higher underground temperatures greatly boost power output. The project’s first wells are expected to match the productivity of top oil and gas wells, while using much less land. These achievements mark a major step toward making geothermal energy a practical, global solution for clean power.