American startup raises $180 million to drill rock over 5km deep to build world's first superhot geothermal plant at 500 °C

Quaise Energy, an American startup, announced on August 27 the final closing of a $180 million funding round, which included $35 million from Nabors, to finance the Obsidian Project in Oregon, where a microwave gyrotron will create wells in rock between 300 °C and 500 °C to establish the first commercial superhot geothermal plant on the planet, as per a report by ThinkGeoEnergy.According to the statement, the Series B totals $180 million, bringing the startup's total funding to $280 million since its inception. The first tranche, amounting to $134 million, was previously announced on July 7, led by Prelude Ventures with participation from Japanese companies JERA and Idemitsu Kosan. The new addition to the list is Nabors Industries, one of the largest oil and gas drillers in the world, which contributed $35 million and signed a strategic agreement. According to the release, Nabors will provide a dedicated land rig and integrate its reservoir modelling platform, well design, and drilling strategy into the project. In other words, the oil and gas industry is lending a rig, software, and personnel for a technology that promises to eliminate the need for a drill bit.Vaporising a rock wi...