Quaise Energy Aims to Undercut Fossil Fuels With Geothermal

Quaise Energy, a Houston-based startup, is developing Project Obsidian, a "superhot" geothermal power plant in Oregon designed to deliver 24/7 electricity and compete on cost with fossil fuels. The company aims for its energy production to be "competitive, if not cheaper, than existing sources of baseload power today," according to Matthew Houde, cofounder and chief of staff. Project Obsidian is currently drilling its first well.

Quaise Energy recently secured $134 million in Series B funding to construct Project Obsidian. The startup's approach addresses a historical limitation of geothermal energy, which was previously feasible only in locations with specific geological conditions, such as Iceland or parts of the Western U.S. like Nevada, California, Idaho, and Utah. Houde noted that "a lot of the low-hanging fruit on those conventional reservoirs has already been tapped, especially in the U.S."

The company's innovative technology, which originated from research at the Massachusetts Institute of Technology, enables drilling much deeper underground. This allows access to consistently hot rock formations, regardless of geographic location, capable of producing five to ten times more energy than conventional geothermal wells. Paul Woskov, a scientist who studied fusion energy, identified deep drilling as a significant challenge for geothermal power, as costs increase exponentially with depth and heat.