Nabors Industries Ltd. has completed a $35 million investment in Quaise Energy, Inc. The transaction, announced on August 27, 2026, from Hamilton, Bermuda, forms part of Quaise’s Series B financing round and deepens the longstanding relationship between the two companies as they work jointly toward the commercial deployment of next-generation superhot geothermal drilling technology.
Strategic Investment Strengthens Nabors’ Position in Adjacent Energy Markets
The geothermal drilling investment advances Nabors’ broader strategy to deploy its differentiated drilling, automation, and well-construction capabilities into attractive adjacent energy markets. Quaise’s hybrid platform combines conventional rotary drilling with high-power millimeter-wave technology, specifically designed to reach deeper and hotter geothermal resources that remain inaccessible through conventional drilling methods. Should the technology reach successful commercial deployment, it is expected to broaden the addressable market for geothermal power while creating future opportunities for Nabors’ rigs, drilling services, engineering, and automation solutions.
Nabors funded the investment through the issuance of approximately 392,000 shares of Nabors common stock.
Executive Leadership Speaks to the Strategic Alignment
Anthony G. Petrello, Chairman, President and Chief Executive Officer of Nabors, commented on the transaction: “This investment brings together strategic commitment and one of the most compelling opportunities in geothermal energy. Quaise’s technology closely aligns with our core strengths. By pairing its innovation with Nabors’ global platform, technical expertise, and field execution capabilities, we believe we can help accelerate industry adoption while creating an attractive pathway for long-term value creation.”
Carlos Araque, Chief Executive Officer and President of Quaise Energy, responded: “Nabors combines world-class drilling, advanced technology, field execution, and a global operating footprint. Its increased investment is a strong endorsement of our technology and growth strategy. We could not be more excited to move forward together as we advance our technology and bring the world’s first superhot geothermal power plant to life โ a meaningful next step toward deploying geothermal at commercial scale.”
How Quaise’s Millimeter-Wave Technology Works
Quaise’s gyrotron-powered drilling platform is designed to ablate rock using millimeter-wave energy transmitted downhole through a waveguide. This approach reduces reliance on complex downhole equipment in extreme-temperature environments. By integrating this technology with established drilling practices, existing infrastructure, and proven supply chains, Quaise is pursuing a scalable pathway to access deeper and hotter geothermal resources that conventional methods simply cannot reach.
Project Obsidian: The Path to Commercial Deployment
A Nabors PACEยฎ-B rig is currently drilling at Quaise’s Project Obsidian in Oregon, giving Nabors a direct and active role in the project’s field execution. The planned first phase of Project Obsidian targets 50 megawatts of reliable power output, with subsequent phases aiming for up to one gigawatt of additional capacity. Project Obsidian is intended to become the first commercial deployment of a superhot enhanced geothermal system anywhere in the world.
Exclusivity Arrangement and Future Collaboration
Following the completion of this Nabors Industries geothermal drilling investment, the two companies have established a strategic framework that includes an exclusivity arrangement under which Nabors will provide drilling services in support of Quaise’s geothermal projects. The companies also expect to continue evaluating additional opportunities together, encompassing drilling-system integration, rig engineering, field deployment, automation, and global project development. These opportunities could extend Nabors’ participation beyond its current ownership interest and support potential future revenue as Quaise progresses toward broader market adoption.