Full-Time
Deep geothermal energy via millimeter-wave drilling
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Everett, MA, USA
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Quaise Energy develops deep geothermal energy using a millimeter-wave drilling system to reach temperatures above 400°C at depths up to 20 kilometers. The goal is to retrofit existing coal and gas power plants to tap a stable, weather-independent clean energy source, avoiding hydraulic fracturing. The company leverages gyrotron-based drilling technology adapted from fusion research and has demonstrated field tests to show progress toward scalable deep geothermal deployment.
Company Size
51-200
Company Stage
Series B
Total Funding
$238M
Headquarters
Cambridge, Massachusetts
Founded
2018
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Geothermal energy technology company Quaise Energy announced that it has raised $134 million at the first close of a Series B funding round, with proceeds aimed at supporting the development of the world’s first commercial superhot geothermal power plant. Founded in 2018 as a spinout from the Massachusetts Institute of Technology, Cambridge-based Quaise develops solutions […]
US geothermal start-up Quaise nets USD 134m for first commercial project Forbidden article Sector Region/Country: Topics Newsletters Today in Hydrogen (daily) Corporate PPAs (weekly) Sep 16, 2026 Oct 5, 2026 Oct 13, 2026 Taipei, Taiwan Go to events
Quaise energy raises $134 million in initial close of Series B to build world's first superhot geothermal power plant. Prelude Ventures led the round, with participation from JERA Co., Inc., Japan's largest power generation company, and Idemitsu Kosan, one of Japan's largest integrated energy companies Series B equity is the first component of a diverse financing that includes project-level capital and debt Quaise's millimeter wave drilling system is approaching one kilometer of depth at...
Geothermal has potential to become backbone of world's energy system. Co-founder of Quaise Energy describes work to that end during keynote at World Geothermal Congress Science Communications CALGARY, Canada - Geothermal energy - the clean, renewable heat beneath our feet - has the potential to become the backbone of the world's energy system on the same scale as oil and gas today, said Matthew Houde, Co-Founder and Chief of Staff at Quaise Energy, during a keynote address at the recent World Geothermal Congress (WGC). The WGC is the leading global event dedicated to geothermal energy. Houde went on to describe how Quaise is working to unlock that potential by tapping into the superhot rock that can currently only be accessed in Iceland and other areas where such temperatures are relatively close to the surface. The number one problem today: we can't drill down far enough. The drills used by the oil and gas industries can't withstand the formidable conditions that are found miles down. "Drilling 10 to 20 kilometers [~ 6 to 12 miles] can seem insurmountable in the near term, but I have faith that between the hard work of our team and that of experts in this room - and the global industry at large - we can realize this vision to provide clean, firm, affordable power for everyone," Houde said. The 2026 WGC, held for the first time in Canada, attracted some 2,000 attendees from 88 countries. The next WGC, which occurs every three years, will be hosted by Kenya, marking the first time that the event will be held in Africa. The Quaise Approach "At Quaise, we're seeking to reimagine drilling by addressing the challenges of going deeper and hotter," Houde said. The company is working to replace the conventional drill bits that mechanically break up the rock with millimeter-wave energy (cousins to the microwaves many of us cook with). Those millimeter waves destroy the rock without mechanical bits to create ever-deeper holes. The general technique was developed at the Massachusetts Institute of Technology starting in 2008. In the lab, scientists demonstrated that millimeter waves could indeed drill a hole in granite and basalt (rocks representative of the majority of rock at great depth). Further, the gyrotron machine that produces the millimeter wave energy is not new. It's been used for some 70 years in research toward nuclear fusion as an energy source. During his WGC keynote talk, Houde noted that "millimeter wave drilling is no longer a science experiment confined in the lab." This past year, he continued, "our engineering team successfully deployed the technology to the field in reaching a [record-setting] depth of over 100 meters. We hit commercial targets in depth, speed, and hole size before reaching the limit available to our equipment on site." "We've also demonstrated the ability to integrate our technology onto an existing drilling rig architecture," Houde said. The Quaise technique takes advantage of the conventional drilling technologies developed by the oil and gas industry. The company will use these to drill down through surface layers (what they were optimized for) to basement rock (which millimeter waves can easily power through). Toward a Superhot Power Plant Quaise is currently working toward "developing the first commercial superhot geothermal power plant," Houde said. Project Obsidian, located in Oregon, is well underway. "We've built many of the preliminary surface construction on the site, and [in July 2026] we plan to start drilling our first confirmation [test] well." "We're approaching the development of this project in phases to minimize technical risk in the near term while achieving increased learnings and economies of scale in the long term," Houde continued. In the first phase, the company aims to bring a 50 megawatt power plant online by 2030. "Following that, we're planning to expand production using the commercial design we have validated in the first phase." Houde recognized that there are a host of technical challenges to address for accessing superhot rock beyond just drilling. "This requires a global effort," he said. "Thankfully, several international projects are now moving forward for superhot rock in countries like Iceland and New Zealand and Japan, and there are two companies currently operating in the United States (Quaise and Mazama)." "Importantly, these projects are no longer just proposals. All have plans to drill superhot wells in the next two to three years." -By Elizabeth A. Thomson, Correspondent Disclaimer: AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert system.
Idemitsu enters next-generation geothermal market with investment in Quaise. Artist's rendition of the Project Obsidian facility of Quaise Energy in Oregon (source: Quaise Energy) Japanese energy company Idemitsu Kosan has invested in Quaise Energy, aiming to support technologies that enable next-generation geothermal development. Japanese energy company Idemitsu Kosan (Idemitsu) has made an investment in Quaise Energy (Quaise), aiming to contribute to accelerating the development of next-generation geothermal technologies. The investment was made through the company's wholly owned subsidiary Idemitsu Americas Holding Corporation (IAH). Idemitsu has already had a long history of involvement in the geothermal power sector in Japan, starting with a steam supply contract with Kyuden Mirai for the Takigami power station in 1996. In 2017, Idemitsu started the sole operation of the 5-MW Takigami geothermal binary power plant. Together with INPEX and Mitsui Oil Exploration, Idemitsu is constructing the 14.9-MW Katatsumuri Yama geothermal power plant in the Akita Prefecture, which is expected to be online by 2027. Quaise is developing a proprietary millimeter-wave drilling technology that is expected to be applied in next-generation geothermal systems. The progress of the Quaise has been well-chronicled through the years with public demonstrations and drilling milestones. The company had recently announced the imminent start of drilling for a 50-MW geothermal power development in Oregon, aiming to access a superhot geothermal resource using their innovative drilling technology. Through the collaboration and investment in Quaise, Idemitsu states that it will further consider participation in next-generation geothermal projects. "By combining Idemitsu's resource development expertise with Quaise's millimeter-wave technology, we will strengthen energy security worldwide. Our investment in Quaise will accelerate the development of next-generation geothermal technologies, an important step towards delivering stable energy supply," said Keitaro Sugihara, President and CEO of IAH. "We welcome Idemitsu as a strategic investor for developing more powerful, economic geothermal worldwide with our millimeter-wave technology. Idemitsu brings decades of experience in resource development and geothermal operations for a shared goal of delivering reliable, affordable, and sustainable energy on a global scale," added Carlos Araque, CEO and President of Quaise. Carlo Cariaga