Observed Signal · Sep 18, 2026 · Funding · Source: techcrunch · Impact: 2/5 · Sentiment: Positive
Mazama Energy Raises $135M for Deep Geothermal Wells
Mazama Energy, a geothermal startup incubated at Khosla Ventures, raised $135 million in an oversubscribed Series B round. The funding will support the development of horizontal wells in super-hot rocks, targeting depths of around 15,000 feet where temperatures reach 750°F (400°C). Each well is expected to generate 15 megawatts of electricity, ten times more than traditional geothermal. The company plans to begin electricity generation next year and aims to complete its first site in Oregon by 2030, with a capacity of 200 megawatts. The round was led by Centaurus Capital and Doerr Capital, with participation from ConocoPhillips, Shell Ventures, and existing investors including Khosla Ventures and Gates Frontier.
Mazama's funding is relevant due to its potential to power AI data centers, but it is a niche event and not central to AdTech.
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Key Takeaways & Evidence Grounding
- Mazama Energy raised $135 million in an oversubscribed Series B round.
- The round was led by Centaurus Capital and Doerr Capital.
- Existing investors Khosla Ventures and Gates Frontier returned, with new investors including SiteGround Capital, H. Barton Asset Management, and the Jeffrey and Marieke Rothschild Foundation.
- The company plans to generate electricity next year and complete its Oregon site by 2030, targeting 200 megawatts.
- Each well is expected to produce 15 megawatts of electricity, ten times more than traditional geothermal.
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1 Entity mapped“Existing investors including Khosla Ventures and Gates Frontier returned......”
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