Jera invests in US-based Quaise Energy

JERA Co., Inc., Japan's largest power generation company, has joined a $134 million Series B funding round for Quaise Energy, a U.S.-based developer of superhot geothermal energy technology. The investment, part of a broader round led by Prelude Ventures, also includes contributions from Idemitsu Kosan and existing investors such as Safar Partners. The funding will support the development of Project Obsidian, the world’s first commercial superhot geothermal power plant in Central Oregon, and the continued advancement of Quaise’s millimeter wave drilling technology.

Quaise’s technology, developed at the Massachusetts Institute of Technology, enables drilling into rock at depths and temperatures that are not economically feasible with conventional methods. The company has already achieved significant milestones, including drilling nearly one kilometer at its Central Texas field site using non-contact millimeter wave drilling. This technology allows access to rock temperatures between 300–500°C, potentially enabling geothermal systems rivaling fossil and nuclear energy in power density while offering the cost advantages of renewables.

JERA’s investment reflects its strategic focus on next-generation energy solutions and its commitment to achieving net-zero CO₂ emissions by 2050. According to Takeshi Kodama, Head of JERA Ventures, the company sees millimeter wave drilling as transformative that could make geothermal a global baseload resource. Project Obsidian, currently under construction in Oregon, is expected to deliver its first electricity to the grid by 2030 and has the potential to generate gigawatts of power.

The Series B round marks the first equity component of a larger capital program, with additional project-level equity and debt financing expected to be announced later this year. With total funding now reaching $230 million, Quaise is advancing toward commercial deployment of its technology and securing long-term offtake agreements.