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Mazama Energy Raises $135M Series B for Super-Hot-Rock Geothermal Development
Key points
- Mazama Energy raised $135 million in Series B funding.
- Funding will develop horizontal wells in super-hot rocks for 15 MW per well.
- First site in Oregon aims for 200 MW by 2030, with 10 GW potential.
- Enhanced geothermal targets 750˚ F heat at 15,000 feet deep.
Funding for Enhanced Geothermal Development
Mazama Energy, a geothermal startup, announced it has raised $135 million in an oversubscribed Series B funding round. The investment will be used to develop horizontal wells in super-hot rock formations, with each well capable of generating 15 megawatts of electricity. The company plans to begin electricity generation next year.
Technological Approach and Potential
Mazama's enhanced geothermal technology focuses on drilling deeper into the earth, targeting depths of approximately 15,000 feet to access temperatures of 750˚ F (400˚ C). At these temperatures and high pressures, water transforms into a supercritical fluid, which can absorb significantly more energy than ordinary steam. This approach is projected to allow each well to produce up to 10 times more power than conventional geothermal technologies.
Projected Capacity and Timeline
The company's first site in Oregon is estimated to have a potential capacity of 10 gigawatts of electricity, an increase from last year's estimate of 5 gigawatts. Mazama aims to complete development of this first site by 2030, at which point it expects to generate 200 megawatts of electricity. The startup has also secured land for a second development.
Investor Participation
The Series B round was led by Centaurus Capital and Doerr Capital. Additional participants included ConocoPhillips and Shell Ventures. Existing investors such as Khosla Ventures and Gates Frontier reinvested, while new investors SiteGround Capital, H. Barton Asset Management, and the Jeffrey and Marieke Rothschild Foundation also joined the round. Mazama was initially incubated at Khosla Ventures.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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Reporting from
Geothermal startup Mazama Energy secured $135 million in Series B funding to develop horizontal wells in super-hot rocks, aiming to generate 15 megawatts of electricity per well. This funding will advance their enhanced geothermal technology, which targets deeper, hotter rock formations to produce significantly more power than traditional methods, potentially supporting large-scale energy demands like AI data centers.