Quaise Energy Selected for Up to $25 Million in U.S. Department of Energy Support to Advance World's First Commercial Superhot Geothermal Power Plant

Quaise's Project Obsidian, a commercial-scale superhot Enhanced Geothermal System (EGS), selected to receive federal funding as part of $99 million DOE effort to advance geothermal energy development across the United States Supports completion of the first well triplet at Project Obsidian, targeting more than 25 megawatts of gross electric power Project team includes Pacific Northwest National Laboratory, Lawrence Berkeley National Laboratory and Oregon State University

Quaise Energy, a leading developer of utility-scale superhot geothermal energy, today announced that it has been selected by the U.S. Department of Energy (DOE) for up to $25 million in funding under the Next-Generation Geothermal Field Tests and Geothermal Resource Characterization and Confirmation funding opportunity. The support brings the U.S. closer to commercializing superhot Enhanced Geothermal Systems — technology that could unlock firm, clean power from hot rock beneath virtually any geography in the country.

The funding will advance Project Obsidian, the world's first commercial superhot geothermal power plant, in Central Oregon. It will support analysis of the drilling, stimulation, and flow results of the first two wells to optimize a third well at the Obsidian site. The three-well configuration is targeting average reservoir temperatures of over 300°C and is designed to demonstrate more than 25 megawatts of gross electric power capacity. The DOE funding will also enable Quaise and its research partners to collect, analyze and share field data from drilling, stimulation and flow testing — establishing a replicable template to help unlock further EGS development.

“This DOE support is a recognition of what we are building at Quaise and the progress we are making in the field, including the confirmation well currently being drilled at Project Obsidian,” said Carlos Araque, CEO and President of Quaise Energy. “Our ambition has always been to make superhot geothermal a commercial reality, and Project Obsidian is where we first deliver on that promise.”

Project Obsidian, currently under construction south of Bend, Oregon, sits on one of the most extensively studied geothermal resources in the United States. The project is expected to deliver first power to the Pacific Northwest grid in 2030 with potential for expansion up to one gigawatt of electricity.

Learnings from these three wells will directly inform subsequent drilling at the site. Using EGS and advanced drilling techniques, Quaise expects to drill the hottest well in the Western Hemisphere at Project Obsidian reaching temperatures over 400°C — above the range of current commercial geothermal projects. Phase one of the project is expected to produce more than 50 megawatts of electric power by 2030.

The full value of the proposed DOE funding is subject to completion of award negotiations. The project team includes experts from Pacific Northwest National Laboratory, Lawrence Berkeley National Laboratory, and Oregon State University.

The selection follows Quaise's close of $180 million in Series B financing in August 2026, led by Nabors Industries and Prelude Ventures, with participation from JERA Co., Inc. and Idemitsu Kosan, to fund Project Obsidian.

About Quaise Energy

Quaise Energy is unlocking the Earth’s deep heat to deliver clean, reliable, baseload energy at scale—almost anywhere in the world. As both a technology innovator and project developer, Quaise builds and operates solutions that harness superhot geothermal energy far below the surface, enabling power generation that can rival the output of today’s most efficient fossil fuel and nuclear plants. With its millimeter wave drilling technology, developed after more than a decade of research at the Massachusetts Institute of Technology (MIT), Quaise’s mission is to make superhot geothermal a backbone of the modern energy system, offering affordable, zero-carbon power and true energy independence for communities and nations everywhere. https://www.quaise.com/

Forward Looking Statement:

This press release contains forward-looking statements, including statements regarding the Company's future financial performance, business plans, and expectations. These forward-looking statements are based on assumptions deemed reasonable by the Company at the time they were made. There is no assurance that such statements will prove accurate, and actual results may differ materially from those expressed or implied herein due to various risks, uncertainties, and other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and are based on the aforementioned assumptions. The Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.

Quaise.com | LinkedIn | X | Instagram | Facebook | YouTube

View source version on businesswire.com: https://www.businesswire.com/news/home/20260922715014/en/