A Texas-based geothermal company, Mazama Energy, has secured over $135 million to develop superhot rock geothermal technology at Central Oregon’s Newberry Volcano. This funding comes from major venture capital firms and oil companies, enabling Mazama to drill deep into the Earth’s crust to harness heat for renewable energy generation.
The investment will support Mazama’s Project Ceres, which aims to generate 15 megawatts of electricity by 2027—enough to power about 4,500 homes. Deschutes County officials recognize the potential for the region to become a net energy exporter, contributing to global climate change efforts.
Geothermal energy, particularly deep drilling techniques, is gaining traction as a sustainable energy source in the U.S. Currently, conventional geothermal relies on natural reservoirs near the surface, but advances in technology allow for tapping deeper heat sources. Other companies, like Quaise Energy, are also exploring geothermal projects in the area.
Mazama’s innovative approach includes drilling down 15,000 feet to reach hotter rocks, thereby increasing energy output while using less land and water. Project Athena aims to reach these depths, with the potential to generate up to 200 megawatts by 2030.
The economic impact of this investment is notable; local officials anticipate the creation of high-skill jobs and the development of a renewable energy workforce through community training programs. Overall, the funding signifies a growing commitment to harnessing geothermal energy as part of the region’s energy future.
