Mazama Energy raises $135M to pursue superhot rock geothermal

Mazama Energy announced a $135 million Series B funding round to advance its Project Ceres, which aims to drill into very hot rock to produce electricity. The deal closed on September 17, 2026, with a mix of new and existing investors and strategic backers from the energy sector. The project site is near Newberry Volcano in central Oregon, where Mazama already holds a record for the hottest engineered geothermal system.

What changed

Mazama Energy secured a $135 million Series B round that was oversubscribed, allowing the company to select backers with relevant technology and energy experience. The funds are earmarked for Project Ceres, which involves drilling horizontal wells into very hot rock to drive water to a supercritical state, a condition where water behaves like a hot superfluid for energy generation. The round drew participation from major players such as Centaurus Capital, Doerr Capital, ConocoPhillips, and Shell Ventures, along with several new and existing investors.

Key facts

Project Ceres is Mazama Energy’s program to access superhot rock geothermal energy. The approach involves drilling into rock at temperatures high enough to push water into a supercritical phase, then using the steam or heated fluids to generate electricity. The company intends to start electricity production by 2027. The project site is near Newberry Volcano in central Oregon, a location already associated with Mazama’s geothermal work and a record for an engineered geothermal system.

Who is affected

Directly, Mazama Energy and its investors are part of the funding and development process for Project Ceres. Indirectly, communities near central Oregon and workers in the energy industry could benefit from potential geothermal electricity production and related jobs if the project advances to commercial operation. The announcement does not specify consumer-facing impacts or changes to local services at this stage.

Practical next steps

If you want to follow developments, monitor updates from Mazama Energy and major energy investors involved in the round. Look for timelines on drilling operations, regulatory permits for geothermal projects, and any environmental assessments tied to the Newberry Volcano area. Note that electricity generation timelines can shift based on technical challenges, permitting, and capital deployment.

Limits and questions

Understanding of the project remains limited to the company’s statements and the funding announcement. Technical terms are explained in plain language below. Key questions people may have include: what specific temperatures define superhot rock in this context, what are the environmental risks, how will the generated electricity be integrated into the grid. What are the financial expectations for investors if the project progresses slower than planned?

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