Mazama Energy geothermal technology development

Mazama Energy has secured $135 million in an oversubscribed Series B funding round to advance its enhanced geothermal energy technology. The investment was led by Centaurus Capital and Doerr Capital, with participation from several other firms including ConocoPhillips and Shell Ventures.

The company utilizes Engineered Geothermal System (EGS) technology to target ultra-high-temperature rock layers, specifically aiming for temperatures around 750°F (400°C) to reach a supercritical water state. This method is intended to deliver significantly higher energy density than conventional geothermal wells, potentially using 75% less water and requiring 80% fewer wells.

Currently operating at the Newberry site in Oregon, Mazama is working on projects such as Project Athena and the US Department of Energy-supported Project Ceres. The Athena well recently reached a depth of 10,350 feet, with a target depth of approximately 15,500 feet. The company expects to demonstrate power generation by 2027 and aims to expand its first project to 200 megawatts by 2030.