A Houston-based company has received funding that can help make world’s first superhot geothermal power plant.
Quaise Energy, a leading developer of utility-scale superhot geothermal energy, today announced the final close of its Series B, raising a total of $180 million in equity financing, including a $35 million investment from Nabors Industries (NYSE: NBR), one of the world’s largest land drilling contractors and a long-standing partner to Quaise.
Nabors has also entered into a strategic framework agreement that supports Quaise’s mission to make superhot geothermal a commercial reality, beginning with the development of Project Obsidian, the world’s first superhot geothermal power plant. The Series B brings Quaise’s total funding to date to $280 million.
Read more in Interesting Engineering here.
The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.