Mazama Energy Raises $135 Million to Develop Super-Hot-Rock Geothermal Technology
Geothermal energy startup Mazama Energy has raised $135 million in an oversubscribed Series B funding round. The capital will support the development of horizontal wells targeting super-hot rocks capable of generating up to 15 megawatts per well, with plans for electricity generation beginning next year. The company's Oregon site is now projected to produce 10 gigawatts—up from a previous estimate of 5 gigawatts. Mazama has drilled over 10,000 feet in just 15 days and aims to reach depths where supercritical fluids can generate significantly more power than traditional geothermal methods. The funding was led by Centaurus Capital and Doerr Capital, with participation from ConocoPhillips, Shell Ventures, Khosla Ventures, Gates Frontier, and new investors. Mazama plans to complete its first site by 2030, aiming for a total output of 200 megawatts.
