Nabors Industries Ltd. (NYSE: NBR) has completed a $35 million equity investment in Quaise Energy, Inc., making Nabors the company's largest shareholder with a 14% fully diluted ownership stake, according to a press release from Nabors.

The investment is part of Quaise's Series B financing round. Nabors funded the transaction through the issuance of approximately 392,000 shares of its common stock.

Quaise is developing a drilling platform that combines conventional rotary drilling with millimeter-wave technology, originally developed at the Massachusetts Institute of Technology, designed to access deeper geothermal resources not reachable by conventional methods.

A Nabors PACE-B rig is currently drilling at Quaise's Project Obsidian in Oregon. The project's first phase targets 50 megawatts of power capacity, with subsequent phases targeting up to one gigawatt of additional capacity. The project is intended to be the first commercial deployment of a superhot enhanced geothermal system.

As part of the investment, the companies have established an exclusivity arrangement under which Nabors would provide drilling services for Quaise's geothermal projects.

Anthony G. Petrello, Chairman, President and Chief Executive Officer of Nabors, said, "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, said the increased investment is "a strong endorsement of our technology and growth strategy."