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NBRBullishCorporate Developmentsnews

High materiality7/10

Quaise Series B closes; Nabors deepens tie to geothermal commercialization

Aug 27, 2026, 7:07 AM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Strategic capital infusions and a formal framework with a major contractor suggest longer-term revenue visibility and potential contract opportunities for Nabors, even as Quaise remains private; could improve sentiment and long-horizon valuation for NBR.

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What happened, with direct paths to the underlying reporting

Quaise Energy closed its Series B at $180 million, bringing total funding to $280 million, with Nabors Industries investing $35 million and signing a strategic framework. The agreement provides Quaise access to Nabors’ rig fleet and integrated drilling tech to help commercialize millimeter-wave drilling for deep, superhot geothermal, starting with Project Obsidian. The multi-year timeline underscores a potential long-term growth catalyst for Nabors via expanded geothermal opportunities.

Final close of Quaise Series B raises $180M. Total funding now $280M.
Nabors invests $35M in Quaise; signs strategic framework.
Series B funds Project Obsidian and advances 5km+ millimeter-wave drilling.
Nabors CEO cites gigawatt-scale geothermal potential with Quaise collaboration.
First close of Series B was July 2026; Prelude Ventures led.

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