The fresh capital, led by Centaurus Capital and Doerr Capital, arrives as tech giants scramble for carbon-free power to fuel AI data centers. Mazama plans to leverage the investment to push its Oregon site toward a 200-megawatt capacity by 2030, a significant shift from earlier projections. By reaching depths of 15,000 feet, the company transforms water into a supercritical state, allowing a single well to generate 15 megawatts of electricity—nearly ten times the output of conventional geothermal systems.
In section Startups & Technology
Mazama Energy Secures $135M to Scale Super-Hot Rock Geothermal
Geothermal developer Mazama Energy closed a $135 million Series B round this week, signaling a massive bet on the potential of supercritical fluid energy. The startup aims to deploy horizontal drilling techniques capable of accessing 750-degree heat at depths exceeding 10,000 feet, effectively quadrupling previous site output estimates.
Industry interest has intensified as traditional energy backers like ConocoPhillips and Shell Ventures join existing supporters Khosla Ventures and Gates Frontier in this latest round. While the Oregon project remains in development, the company has already secured land for a second site. With global estimates suggesting that tapping just 1% of the world's super-hot rock could yield 63 terawatts of power, Mazama is positioning itself as a primary contender in the race to provide high-density, reliable baseload energy for the grid.
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