Nabors Stakes $35 Million on Quaise Energy to Pioneer Superhot Geothermal

The capital injection, finalized as part of Quaise’s Series B financing, grants Nabors an exclusive arrangement to provide drilling services for future geothermal projects. By exchanging approximately 392,000 shares of common stock for equity, Nabors aims to integrate its proprietary PACE-B rigs and automation expertise into Quaise’s development pipeline. Currently, a Nabors rig is already active at Project Obsidian in Oregon, which serves as the testing ground for the first commercial-scale superhot enhanced geothermal system.

Anthony G. Petrello, CEO of Nabors, noted that pairing Quaise’s millimeter-wave innovation with his firm’s global execution capabilities accelerates the pathway toward scalable clean energy. Quaise’s technology utilizes gyrotron-powered energy to ablate rock, effectively replacing complex downhole equipment that typically fails in high-temperature environments. Carlos Araque, CEO of Quaise, views the increased investment as a critical endorsement of the company’s mission to transition from research-based development to functional, high-capacity power plants. Both companies are now evaluating deeper collaborative efforts, including specialized rig engineering and global project deployment, as they move toward the target of delivering baseload power comparable to modern nuclear facilities.