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

The funding round was led by Prelude Ventures, with strategic investments from Japanese energy companies JERA and Idemitsu, alongside participation from nearly all existing investors, including Safar Partners.

The latest financing brings Quaise’s total funding raised to $230 million.

The company will use the capital to advance its millimeter wave drilling system, developed at the Massachusetts Institute of Technology, which aims to access geothermal resources at depths exceeding 5km and temperatures of 300-500 deg C.

Quaise is also pursuing project-level financing and commercial partnerships as it moves toward first revenues, with its technology designed to unlock high-density geothermal energy globally. -OGN/TradeArabia News Service