Nabors Industries Ltd. has completed a $35 million strategic equity investment in Quaise Energy, Inc., becoming the geothermal drilling technology company’s largest shareholder with a 14% fully diluted ownership stake.
The investment was funded through the issuance of approximately 392,000 Nabors common shares and forms part of Quaise’s Series B financing round. Nabors, listed on the NYSE under ticker NBR and headquartered in Hamilton, Bermuda, said the deal aligns with its core operational strengths while advancing Quaise’s hybrid drilling platform.
Quaise Energy develops a geothermal drilling system that combines conventional rotary drilling with high-power millimeter-wave technology, enabling access to deeper geothermal resources. The technology, derived from over a decade of research at the Massachusetts Institute of Technology, uses a gyrotron-powered millimeter-wave energy source transmitted downhole via a waveguide to ablate rock formations.
A Nabors PACE-B rig is currently operational at Quaise’s Project Obsidian in Oregon, where the first phase targets 50 megawatts of power generation. Subsequent phases aim for up to one gigawatt of additional capacity, representing the company’s first commercial deployment of a superhot enhanced geothermal system.
The investment includes an exclusivity arrangement granting Nabors the right to provide drilling services for Quaise’s geothermal projects. Both companies will evaluate further collaboration opportunities in rig engineering, field deployment, automation, and global project development.
Anthony G. Petrello, Nabors’ Chairman, President, and CEO, said the investment reflects a strategic commitment to a compelling energy opportunity, while Carlos Araque, Quaise’s CEO, called it a strong endorsement of the company’s technology and growth strategy.
