Mazama Energy, a geothermal startup, recently secured $135 million in an oversubscribed Series B funding round. This investment will facilitate the development of horizontal wells in super-hot rocks, each capable of generating 15 megawatts of electricity. The company plans to initiate electricity generation in Oregon next year, with an updated capacity estimate of 10 gigawatts, up from 5 gigawatts.
Mazama focuses on enhanced geothermal technologies by drilling deep—beyond 10,000 feet—to access high temperatures, enabling each well to produce up to ten times more power than traditional methods. The potential is substantial, with just 1% of global super-hot rock capable of producing over 63 terawatts of electricity.
The startup has already secured land for a second development site and aims to generate 200 megawatts by 2030. The funding round was led by Centaurus Capital and Doerr Capital, with participation from notable investors.
