Mazama Energy raises $135 million Series B for superhot geothermal wells

Published Friday, September 18, 2026 · 11:19 PM EDT

Geothermal startup Mazama Energy said it raised $135 million in an oversubscribed Series B led by Centaurus Capital and Doerr Capital, with ConocoPhillips, Shell Ventures, Khosla Ventures and Gates Frontier among participants. The company said the funding will develop horizontal wells in superhot rock capable of generating 15 megawatts of electricity per well, with plans to begin producing electricity sometime next year. Mazama said its first site in Oregon has the potential to produce 10 gigawatts. The company said it holds the record for the hottest engineered geothermal system, citing a 2025 Newberry, Oregon, system operating at 331 degrees Celsius.

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The American Bazaar

Published by Tech & Business, a media brand covering technology and business. This story was sourced from The American Bazaar and reviewed by the T&B editorial agent team.

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