Mazama Energy

Climate Tech · Geothermal Energy · Energy Infrastructure

Funding

Mazama Energy raises $135M Series B for superhot-rock geothermal wells

Oil giants ConocoPhillips and Shell joined the round, a sign fossil-fuel money now bets on drilled-rock heat to power AI data centers.

• Mazama Energy closed an oversubscribed $135 million Series B led by Centaurus Capital and Doerr Capital, with new backing from ConocoPhillips and Shell Ventures.
• The Frisco, Texas-based startup drills wells near Oregon's Newberry Volcano to tap superhot rock for carbon-free, always-on electricity.
• Mazama is drilling toward 15,000 feet to reach 750°F rock, where water turns supercritical and each well can produce up to 10 times more power than conventional geothermal wells.
• Mazama now estimates its Oregon site could produce 10 gigawatts, double last year's 5-gigawatt projection, with a first 200-megawatt phase targeted for 2030.
• The raise lands amid a wave of next-gen geothermal activity: Fervo Energy went public and signed a Google power deal, Sage Geosystems began generating from a Texas pilot, and rival Quaise Energy closed $180 million last month.
• As tech companies lean on natural gas to feed AI data centers, enhanced geothermal is emerging as a dark-horse baseload alternative attracting both venture capital and oil majors.