Quaise Energy raises $134M to fuel superhot geothermal ambitions

A startup called Quaise Energy has raised $134 million to build a geothermal power plant in central Oregon, near Newberry Volcano. Geothermal plants make electricity from heat stored underground. Quaise's approach aims to reach much hotter rock, between 300 and 500 degrees Celsius, than standard geothermal drilling can access, using a technology that melts and vaporizes rock with high-frequency beams instead of conventional drill bits. The hotter the underground fluid, the more power a plant can produce from fewer wells.

The Oregon project, called Project Obsidian, is meant to produce 50 megawatts and start running by 2030. Drilling on a test well is set to begin this month, starting with standard equipment before Quaise tries out its rock-melting drill as soon as next year. The company has a power-purchase agreement lined up for that initial 50 megawatts and is working on deals for more capacity, plus seeking another $100 million in grants and debt for the project.

This is not a program homeowners can apply to or benefit from directly — it is a utility-scale power project, not a home upgrade. But it is part of a broader push into next-generation geothermal technology in the US, driven partly by rising electricity demand from data centers. If projects like this succeed, they could add more clean, steady power to regional grids over time, though that is a long-term industry development rather than anything that affects a household's own energy bills or upgrade options now.