Mazama Energy raises $135m Series B for horizontal geothermal wells
Centaurus Capital and Doerr Capital co-led the financing to advance Mazama’s Oregon site toward electricity production.
ConocoPhillips and Shell Ventures joined the financing alongside returning investors Khosla Ventures and Gates Frontier. SiteGround Capital, H. Barton Asset Management and the Jeffrey and Marieke Rothschild Foundation also participated.
The capital will fund Project Ceres, which aims to develop horizontal wells in superhot rock and demonstrate electricity generation in 2027. Mazama targets 15 MWe per well by extracting heat at temperatures approaching 400°C.
At Newberry, Oregon, the company previously demonstrated reservoir creation and heat recovery at 331°C. Its next phase must turn those drilling and reservoir results into sustained power production.
Use of funds
Develop horizontal wells in superhot rock
Advance the Oregon geothermal site toward electricity generation