Mazama Energy Raises $135M to Scale Superhot Geothermal Near Oregon Volcano

Mazama Energy has secured $135 million in fresh capital to advance its superhot geothermal project near Newberry volcano, which Canary Media describes as moving the approach into commercial-scale development.

The company’s approach differs fundamentally from conventional geothermal power. Traditional plants tap natural hot-water reservoirs at roughly 200°C, while Mazama targets rock temperatures of around 400°C by drilling into superheated rock. That thermal jump matters: Mazama calculates that a single superhot well can generate ten times the electricity of a standard geothermal installation, dramatically cutting the number of costly drilling rigs required on site.

The startup hit a technical milestone last year when it completed what it described as the world’s hottest enhanced geothermal well — reaching 331°C at a depth of more than three kilometres. A second well was completed 80 percent faster, a commercially significant result given that rig rentals exceed $100,000 per day.

The funding round was led by Centaurus Capital and Doerr Capital, with ConocoPhillips and Shell among the participants. Proceeds will support the Ceres project, where horizontal drilling techniques are planned to achieve 15 megawatts of output per well. Field work is set to begin before the end of this year, with large-scale system tests scheduled for early next year.

Source: Canary Media