Startup Raises $135M for Geothermal Power 10x Stronger

Imagine drilling two miles into the Earth and finding heat so intense it could power entire cities without a single carbon emission. That's exactly what Mazama Energy is doing, and investors just bet $135 million they can pull it off.

The Oregon-based startup raised the funds to develop wells that reach 15,000 feet underground, where temperatures hit 750 degrees Fahrenheit. At those depths and pressures, water transforms into a supercritical fluid that absorbs far more energy than regular steam.

The result? Each well can generate 15 megawatts of clean electricity, about 10 times more power than traditional geothermal plants.

Mazama's first drilling site in Oregon has potential that keeps growing. Last year, investor Vinod Khosla estimated the location could produce 5 gigawatts of power. Now the company says that number has jumped to 10 gigawatts, enough to supply several million homes with electricity around the clock.

The technology couldn't come at a better time. Tech companies are scrambling to power their energy-hungry AI data centers, and many have been turning to natural gas as a quick solution. But geothermal offers something gas never can: constant, clean power that runs 24/7 without weather dependence or emissions.

Mazama has already proven it can move fast. The team drilled past 10,000 feet in just 15 days, a speed that signals this isn't science fiction anymore. The company plans to start generating electricity next year and aims to produce 200 megawatts by 2030 from its first site alone.

The Ripple Effect

The global potential here is staggering. According to research from the University of Twente and the Clean Air Task Force, tapping just 1% of super-hot rock worldwide could generate more than 63 terawatts of electricity. That's more than double what the entire world currently uses.

Major energy players are taking notice. Oil giants ConocoPhillips and Shell Ventures joined the funding round alongside tech-focused investors like Khosla Ventures and Gates Frontier. Their involvement suggests even traditional energy companies see geothermal as a serious path forward.

Mazama has already secured land for a second development site, showing confidence that their first project will succeed. The company was incubated at Khosla Ventures, giving it access to one of Silicon Valley's most successful clean energy investors.

The deep underground holds more clean energy than humanity could use in centuries, and we're finally developing the tools to reach it.