Key facts
- Mazama Energy raised $135 million in an oversubscribed Series B funding round.
- The funding will support the development of horizontal wells in super-hot rocks.
- Each well is designed to generate 15 megawatts of electricity.
- The company's first site in Oregon is projected to produce 10 gigawatts of electricity.
- Mazama has drilled past 10,000 feet to access heat around 750˚ F (400˚ C).
Geothermal startup Mazama Energy announced on Thursday that it has raised $135 million in an oversubscribed Series B funding round. The capital will be used to develop enhanced geothermal systems that target super-hot rocks, a technology that could be crucial for powering energy-intensive applications like AI data centers.
Mazama's approach involves drilling horizontal wells to depths of approximately 15,000 feet, accessing heat around 750˚ F (400˚ C). At these temperatures and high pressures, water becomes a supercritical fluid, enabling wells to produce up to ten times more power than traditional geothermal technologies. The company's first site in Oregon is projected to generate 10 gigawatts of electricity, a significant increase from previous estimates.
The funding round was co-led by Centaurus Capital and Doerr Capital, with participation from energy companies ConocoPhillips and Shell Ventures. Khosla Ventures and Gates Frontier, existing investors, also returned, joined by new investors SiteGround Capital, H. Barton Asset Management, and the Jeffrey and Marieke Rothschild Foundation. Mazama Energy was incubated at Khosla Ventures.