Quaise Energy has raised $180 million in equity financing through the final close of its Series B funding round, bringing the company’s total funding to $280 million.

The financing includes a $35 million investment from Nabors Industries, one of the world’s largest land drilling contractors and a long-standing partner of Quaise.

Nabors has also signed a strategic framework agreement to support Quaise’s development of superhot geothermal energy.

The partnership will initially focus on Project Obsidian, which Quaise describes as the world’s first superhot geothermal power plant.

Nabors will provide access to a dedicated land rig and its advanced technology platform, integrating reservoir modelling, well design and drilling strategy.

The companies expect shared operational data and drilling experience to improve performance, lower costs and accelerate project development.

The collaboration builds on their existing relationship across drilling operations, technology integration and commercial development.

“We are unlocking the most powerful clean energy source on Earth, and the Series B signals deep conviction across a wide range of investors,” said Carlos Araque, CEO and President, Quaise Energy. “Nabors is an invaluable partner as we move millimeter wave drilling to full commercial operations at Project Obsidian and beyond.” -OGN/TradeArabia News Service