Quaise Energy has raised $134 million in the first close of its Series B financing to advance its superhot geothermal technology and Project Obsidian, the world’s first commercial superhot geothermal power plant.

Led by Prelude Ventures with investments from JERA and Idemitsu, the round brings total funding to $230 million.

The company will use proceeds to scale its millimetre wave drilling system, which has reached more than 100 metres through granite in Texas.

Project Obsidian in Oregon aims to deliver grid power by 2030.