Mazama Energy raises $135 million for superhot geothermal technology

Mazama Energy has secured $135 million in new capital through an oversubscribed Series B funding round. The investment was led by Centaurus Capital and Doerr Capital, with participation from ConocoPhillips, Shell Ventures, Khosla Ventures, and Gates Frontier.

The company aims to scale its Engineered Geothermal System (EGS) technology, which targets ultra-high-temperature rock rather than relying on naturally occurring hydrothermal reservoirs. By creating artificial reservoirs in hot rock, Mazama seeks to tap into supercritical water states. The company claims that reaching temperatures of 750°F (400°C) can deliver up to 10 times the power of conventional 390°F (200°C) wells due to higher energy density.

Mazama is currently conducting operations in Oregon. Its Athena well recently reached a depth of 10,350 feet in 15 days, drilling toward a target depth of approximately 15,500 feet to access temperatures exceeding 750°F. The company notes that this high-temperature approach could allow for projects that use 75% less water and require 80% fewer wells compared to traditional methods.