Mazama Energy raises $135 million for superhot geothermal projects

Mazama Energy has secured $135 million in an oversubscribed Series B funding round to advance its enhanced geothermal energy technology. The company focuses on tapping into superhot rock layers at extreme depths to produce large-scale, carbon-free electricity.

Operating at the Newberry site in Oregon, the company utilizes horizontal drilling to access rock temperatures of approximately 750°F (400°C). This approach aims to reach a supercritical state where water can deliver significantly more energy than conventional geothermal wells. Mazama Energy has already demonstrated reservoir creation and heat recovery at temperatures of 629°F (331°C).

The new capital will support projects such as Project Athena and the US Department of Energy-supported Project Ceres. The company expects to demonstrate power generation by 2027, with plans to expand its first project to 200 megawatts by 2030. Current estimates for the Oregon site suggest a potential of 10 gigawatts.