What Quaise Energy does

Quaise Energy is a Houston-based, MIT spinoff founded in 2018 that is developing gyrotron-powered millimeter wave drilling technology to access superhot geothermal resources at depths of 3-20 km and temperatures of 300-500°C, where conventional mechanical drill bits fail. The technology uses high-power millimeter waves transmitted via waveguide tubing to vaporize basement rock into a vitrified glass-lined borehole without downhole hardware, then captures the resulting heat to generate baseload electricity. The company's flagship asset, Project Obsidian in Central Oregon, is positioned as the world's first superhot geothermal power plant, targeting 50 MW initial capacity scaling to 1+ GW with commercial operation by 2030. The company's stated thesis is that superhot geothermal can deliver firm, dispatchable renewable power at fossil-fuel-equivalent densities, using less than 1% of the land and materials required by solar or wind, and that its hybrid drilling architecture can repurpose existing oil and gas rigs, workforce, and supply chains for rapid deployment.

Quaise generates revenue (or intends to) through three streams: long-term power purchase agreements from owning and operating superhot geothermal plants, bespoke geothermal project development for industrial partners (exemplified by the Nevada Gold Mines pilot to decarbonize the TS Power Plant), and potential licensing of gyrotron drilling technology. Its go-to-market combines direct enterprise sales to utilities, mining companies, and industrial facilities with oil-and-gas channel partnerships (notably Nabors Industries) and public demonstration events. Strategic investors include Vinod Khosla, The Engine (MIT), TechEnergy Ventures, Nabors Industries, Mitsubishi Corporation, Idemitsu Kosan, Prelude Ventures, and Safar Partners, with total funding exceeding $91M disclosed across rounds from 2020 to 2026.

The company is pre-commercial: its primary technical milestone to date is a record 118-meter millimeter wave drilled depth at Marble Falls, Texas in July 2025 at 10x prior speeds, with the 3-20 km target depth remaining substantially unproven. Management is led by CEO Carlos Araque (ex-Schlumberger, ex-The Engine/MIT) alongside a leadership team drawn primarily from Schlumberger, AltaRock Energy, and energy investment banking, positioning the company at the intersection of oil and gas drilling expertise and fusion-research-derived hardware.

Name

Quaise Energy

Legal name

Quaise Energy, Inc.

Website

https://quaise.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

101–250 employees

Short description

Quaise Energy is an MIT spinoff developing gyrotron-powered millimeter wave drilling technology to access superhot geothermal resources at 3-20 km depths, targeting utilities, mining companies, and industrial operators with firm, baseload clean power via Project Obsidian, the world's first planned superhot geothermal power plant in Oregon.

Ownership category

akta.pro rank

Product category

Deep Geothermal Energy

NAICS

Geothermal Electric Power Generation (221116), Electric Power Generation (22111), Oil and Gas Extraction (211)

SIC

Oil & Gas Field Exploration Services (1382), Oil & Gas Field Machinery & Equipment (3533), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Superhot Rock / Supercritical Geothermal Power Generation (EUACAHAG)

akta.pro secondary industries

Geothermal Drilling & Well Construction (Production/Injection, Directional, Well Services) (EUAMAEAB), Geothermal Power Plant EPC & Construction (Surface Facilities, Balance of Plant) (EUAMAEAE), Geothermal Power Plant Development & IPP (Permitting, Financing, Project Development) (EUAMAEAD)

Keywords

• Deep geothermal energy
• Millimeter wave drilling
• Geothermal power generation
• Superhot geothermal systems
• Clean baseload power

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Infrastructure, Supply Chain, Operations, Marketing or Sales

Revenue model

1. Geothermal Power Generation & Sales: Building and operating superhot geothermal power plants to generate and sell electricity to utilities and industrial customers under long-term power purchase agreements. Plants designed to produce 50-250+ MW of always-on baseload power comparable to fossil fuel plant output.
2. Geothermal Plant Development Services: Developing custom deep geothermal solutions for industrial partners, including the Nevada Gold Mines pilot project to decarbonize existing power plants by hybridizing with geothermal heat.
3. Technology Licensing: Technology developed from MIT research, with potential for licensing gyrotron drilling technology to oil and gas companies for geothermal applications worldwide.

Go-to-market motion3 records

Distribution channels1 record

Marketing channels9 records

Core offering

Quaise Energy develops a gyrotron-powered millimeter wave drilling platform that vaporizes boreholes through basement rock to access superhot geothermal resources at depths of 3–20 km and temperatures of 300–500°C. The company uses a hybrid approach combining conventional rotary drilling through sedimentary rock with proprietary millimeter wave ablation for basement rock, and is building commercial superhot geothermal power plants such as Project Obsidian in Central Oregon to deliver always-on baseload electricity via long-term power purchase agreements to utilities, mining operators, and industrial customers.

Product overview

Quaise Energy offers a unified energy platform centered on superhot geothermal power generation and proprietary millimeter wave drilling technology. The core offering is Project Obsidian, the world's first superhot geothermal power plant in Oregon, which uses the company's gyrotron-powered millimeter wave drilling platform to access geothermal resources at 3-20 km depths reaching 300-500°C. This technology enables clean baseload power that can scale from 50 MW to 1+ GW, with the ability to retrofit existing fossil-fired power plants.

Differentiator

Problem solved

Functional benefit

Brands

• Project Obsidian: The world's first superhot geothermal power plant under development in Central Oregon, designed to generate 50 MW initially with plans to scale to 250 MW and eventually 1 GW.

Products and services

• Project Obsidian World's first superhot geothermal power plant under development in Central Oregon. Designed to reach 300–500°C temperatures at depths of 3–20 km to generate always-on clean baseload electricity. Initial phase targets 50 MW, scaling to 250 MW and eventually 1+ GW. Intended for utilities and industrial customers under long-term power purchase agreements.
• Gyrotron-Powered Millimeter Wave Drilling Platform Proprietary gyrotron-powered drilling system that generates high-power millimeter waves (1–10 mm wavelength) at the surface and transmits energy downhole via waveguides to vaporize rock without mechanical contact or complex downhole equipment. Creates vitrified glass-lined boreholes and operates in temperatures exceeding 300°C. Used in a hybrid configuration with conventional rotary drilling for sedimentary rock layers. Designed for utilities, mining operators, and oil and gas companies needing ultra-deep drilling access.
• Superhot Geothermal Energy Clean, always-on baseload electricity generated from superhot geothermal resources (300–500°C) accessed via ultra-deep drilling. Capable of delivering 10–100x more power per well than traditional geothermal and of retrofitting existing fossil-fired power plants by replacing fossil fuel boilers with geothermal steam systems. Sold to utilities, mining operators, and industrial customers under long-term power purchase agreements.

Quantifiable outcome

• 10-100x more power per well than traditional geothermal at superhot temperatures
• +4 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered core, flagship and minor.

• Oregon State UniversitycoreStrategic or Co-development Partner · 12 March 2026Provided $750,000 funding to OSU's Experimental Deep Geothermal Energy lab for research recreating superhot rock conditions up to 500°C and 500 atm pressure. Three research avenues: rock behavior, vitrified glass liner integrity, and material interactions. Supports Quaise's drilling technology development.
• Nevada Gold MinesflagshipStrategic or Co-development Partner · 3 December 2024Partnership with Barrick-operated Nevada Gold Mines (joint venture with Newmont) to develop deep geothermal pilot plant to decarbonize TS Power Plant. First commercial pilot for retrofitting fossil fuel power plant with geothermal heat. NGM targeting 30% GHG reduction by 2030.
• Nabors IndustriesflagshipTechnology or Integration · 3 August 2021One of world's largest oil and gas drilling companies providing drilling rig infrastructure for millimeter wave technology integration. Hosted demonstrations at Nabors facility in Houston. $12M investment from Nabors in 2021. Collaboration for hybrid drilling system validation.
• MIT Plasma Science and Fusion CenterflagshipTechnology or IntegrationOrigin of millimeter wave drilling technology developed by Paul Woskov. Over 15 years of research demonstrating core physics and science. Company spun out from MIT PSFC in 2018.
• Oak Ridge National LaboratorycoreStrategic or Co-development PartnerHosting multi-phase testing campaign for Quaise's drilling technology. ARPA-E funded research collaboration. Test fixtures being developed and experiments conducted to validate millimeter wave drilling process.
• AltaRock EnergyminorStrategic or Co-development PartnerCollaboration on geothermal technology development. Geoff Garrison previously VP R&D at AltaRock. Expertise in EGS and superhot rock systems.
• General AtomicsminorStrategic or Co-development PartnerPartner in multi-institution collaboration for deep drilling technology validation alongside MIT PSFC, Oak Ridge National Laboratory, and Impact Technologies.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Enel Green Power: Global renewables developer with the world's largest installed geothermal capacity and operating utility-scale geothermal plants in multiple geographies. Enel is a broad incumbent that competes with Quaise for geothermal baseload PPAs and utility partnerships, particularly in Latin America and Europe.
• Ormat Technologies: Established vertically-integrated geothermal power equipment manufacturer and IPP with a global operating portfolio of conventional geothermal plants. Ormat is a broad incumbent in the same end market (geothermal baseload power) but is not pursuing ultra-deep superhot rock drilling.
• Baker Hughes: Global oilfield services and energy technology company with drilling, completions, and increasingly geothermal capabilities. Baker Hughes is a broad incumbent serving the same upstream drilling customer base Quaise targets and could be a competitor, partner, or acquirer of advanced geothermal drilling technology.

Emerging players

• GA Drilling: Slovakia-based developer of plasma-based and other advanced deep-drilling technologies targeting superhot geothermal resources. GA Drilling competes in the same niche as Quaise — accessing deep, high-temperature rock — but with a different drilling mechanism and primarily European focus.
• Iceland Deep Drilling Project (IDDP): Iceland-based consortium that has drilled the deepest and hottest geothermal wells ever attempted, including into supercritical conditions. IDDP represents the only field-proven superhot rock geothermal precedent relevant to Quaise's superhot rock thesis, although it is research-led rather than commercial.

Direct peers

• AltaRock Energy: Earlier-stage geothermal developer historically focused on enhanced geothermal systems (EGS) and superhot/enhanced geothermal concepts. AltaRock is closely comparable because its former VP R&D (Geoff Garrison) now leads Quaise's operations, and both pursue engineered geothermal systems in hot basement rock.
• Fervo Energy: Next-generation geothermal developer using enhanced geothermal systems (EGS) to deliver carbon-free baseload power. Fervo is the closest commercial-stage analog to Quaise in scaling deep geothermal, with existing offtake agreements (Google, Chevron) and operating plants, while Quaise pursues a deeper superhot-rock pathway.
• Eavor Technologies: Closed-loop geothermal developer commercializing a 'radiator in the earth' design to deliver dispatchable clean power without fracking or induced seismicity. Eavor competes with Quaise for utility-scale geothermal offtake but uses a fundamentally different drilling/heat-exchange architecture.
• Sage Geosystems: Developer of geopressured and next-generation geothermal systems, including deep closed-loop designs aimed at providing firm, dispatchable clean power. Sage targets similar baseload renewable use cases as Quaise — utilities, data centers, and industrial customers — with a focus on Gulf Coast and Western US sites.

Others

• Nabors Industries: One of the world's largest land-based drilling contractors and a strategic investor and technology partner in Quaise. While not a direct geothermal competitor, Nabors provides the rig infrastructure, drilling workforce, and supply-chain leverage that Quaise's hybrid approach relies on, making it an ecosystem partner rather than a peer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/quaise-energy
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• Facebookfacebook.com/profile.php

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds9 records

Investors20 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Quaise Energy