Mazama Energy has secured $135 million to advance its geothermal technology, which targets ultra-hot underground rock formations. The company aims to reach temperatures of approximately 400 degrees Celsius to generate up to ten times more power per well than traditional geothermal facilities.
The funding supports the Athena and Ceres projects located at the Newberry volcanic site in Oregon. In 2025, the company achieved a record temperature of 331 degrees Celsius in an experimental setup. By September, the second Athena well reached a depth of 3.15 kilometers in 15 days, an 80 percent reduction in drilling time compared to the previous attempt.
The technology utilizes Enhanced Geothermal Systems (EGS) to create channels in hot rock, where fluid is injected and heated. Reaching 400 degrees Celsius allows water to enter a supercritical state, increasing energy density. Mazama expects this approach to reduce water consumption by 75 percent and the number of required wells by 80 percent.
The Ceres project focuses on horizontal drilling in superhot rock, targeting an electrical output of 15 megawatts per well. A demonstration of electricity generation is scheduled for 2027. Additionally, the company is evaluating the Newberry site for a potential capacity exceeding 10 gigawatts and is exploring further locations within and outside the United States.
