Mazama Energy Raises $135 Million to Scale the World’s Hottest Engineered Geothermal System
Mazama Energy, driving the global energy transition by delivering Next-Generation geothermal energy from SuperHot Rocks, led by Sriram Vasantharajan, has raised $135 million in new capital to accelerate superhot rock geothermal commercial development, including an oversubscribed Series B led by Centaurus Capital, founded by John Arnold, and Doerr Capital. ConocoPhillips and Shell Ventures joined the round, with repeat investment from Khosla Ventures and Gates Frontier. Additional investors include SiteGround Capital, H. Barton Asset Management, and the Jeffrey and Marieke Rothschild Foundation.
Mazama holds the record for the hottest engineered geothermal system, reaching 629°F (331°C) at Newberry, Oregon, in 2025. Its second well, Project Athena, reached the same 10,350-foot depth 80% faster and is now targeting temperatures of 750°F (400°C).
At these temperatures, geothermal wells can generate up to 10x the power of conventional 390°F (200°C) wells, while using 75% less water and requiring 80% fewer wells. Mazama’s approach combines high-temperature drilling, engineered reservoir creation, and efficient heat extraction to unlock scalable, carbon-free baseload power from superhot rock.
“The breakthrough in superhot geothermal is turning extreme heat into a repeatable, economic power system,” said Sriram Vasantharajan, CEO of Mazama Energy. “At Newberry, we have demonstrated the critical pieces together: extreme-temperature drilling, reservoir creation and heat harvesting, at temperatures no other engineered geothermal system has achieved. We are now driving that integrated system toward greater speed, efficiency and scale. That is the foundation for commercial superhot power.”
What This Capital Funds Next.
Mazama is using the financing to advance Project Ceres, supported by the U.S. Department of Energy, with a focus on horizontal wells in superhot rock targeting up to 15 MWe per well and power generation in 2027.
Alongside Project Athena, Ceres will serve as a near-term demonstration of Mazama’s larger goal: developing more than 10 GWe of resource potential at Newberry and expanding to additional sites in the U.S. and internationally.
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