Mazama Energy raises $135m Series B to drill into superhot rock
The funding will develop horizontal wells at its Oregon site as the geothermal company targets round-the-clock electricity generation.
Geothermal power from deeper, hotter rock
Mazama Energy is developing enhanced geothermal systems that use deep wells to reach superhot rock. At its Oregon site, the company plans horizontal wells that circulate high-pressure water through the hot formation; the resulting supercritical fluid can carry heat to the surface for power generation.
The $135 million Series B will fund horizontal drilling and advance the site toward electricity production. Mazama has drilled beyond 10,000 feet and is targeting generation in 2027. TechCrunch reports that one well could produce 15 megawatts continuously, a scale that would make the project relevant to grid operators and large power users seeking steady clean power.
Use of funds
Develop horizontal wells in superhot rock
Advance the Oregon geothermal site toward electricity generation