Mazama Energy raises $135 million Series B to advance superhot geothermal projects

Type: Financing · Technology: Geothermal · Country: United States · Value: $135M · Announced: 2026-09-18

Mazama Energy secured a $135 million Series B financing round led by Centaurus Capital and Doerr Capital, with participation from ConocoPhillips, Shell Ventures, SiteGround Capital, H. Barton Asset Management, the Jeffrey and Marieke Rothschild Foundation, Khosla Ventures, and Gates Frontier. The capital will fund Project Ceres, a U.S. Department of Energy‑supported initiative to develop horizontal superhot‑rock wells capable of delivering 15 MW of electricity per well by 2027. Mazama, based in Texas, aims to certify more than 10 GW of geothermal resource potential at its Newberry, Oregon site and to evaluate additional U.S. and international locations for multi‑gigawatt developments. The financing underscores growing investor interest in geothermal as a round‑the‑clock, low‑land‑use clean‑energy source, positioning Mazama alongside peers such as Fervo Energy. The round provides the financial runway for rapid drilling, reservoir creation, and heat‑harvesting technology deployment.

Analysis

Mazama Energy announced a $135 million Series B financing round on September 18 2026 led by Centaurus Capital and Doerr Capital. The round includes participation from ConocoPhillips, Shell Ventures, SiteGround Capital, H. Barton Asset Management, the Jeffrey and Marieke Rothschild Foundation, Khosla Ventures and Gates Frontier. ConocoPhillips is described as one of the world’s largest independent exploration and production companies focused on crude oil, natural gas and natural gas liquids globally. The financing will fund Project Ceres, a U.S. Department of Energy‑supported effort to develop horizontal superhot‑rock wells capable of delivering 15 MW per well by 2027, and will support Mazama’s goal to certify more than 10 GW of geothermal resource potential at its Newberry, Oregon site.

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