Mazama raises $135 mln and develops project in Oregon — TechCrunch
Geothermal startup Mazama Energy has raised $135 million in an oversubscribed Series B round. The company is developing its first site in Oregon, United States, TechCrunch reports.
Wells in superhot rock
The funds raised will be directed toward developing horizontal wells in superhot rock formations. According to Mazama's estimates, one such well will be able to generate up to 15 MW of electricity.
The company plans to begin electricity production next year. Mazama said its first site in Oregon has the potential to produce 10 GW of electricity. This is twice as much as the 5 GW estimate voiced last year by investor Vinod Khosla.
Mazama said it drilled more than 10,000 feet, or about 3 km, in 15 days and plans to reach a depth of approximately 15,000 feet. At that depth, according to the startup, it is possible to access heat at a temperature of around 400°C.
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Under high pressure, water at such temperatures enters a supercritical state: it is neither fully a liquid nor a gas and can absorb significantly more energy than conventional steam. Mazama says this will allow each well to produce up to ten times more electricity than with traditional geothermal technologies.
Plans through 2030
Work at the first site is still at an early stage, but the startup has already secured land for a second project. Mazama plans to complete development of the first facility by 2030 and expects it to generate 200 MW of electricity at that point.
The round was led by Centaurus Capital and Doerr Capital. ConocoPhillips and Shell Ventures also participated in the financing, while existing investors Khosla Ventures and Gates Frontier renewed their investments. SiteGround Capital, H. Barton Asset Management, and the Jeffrey and Marieke Rothschild Foundation joined the round. Mazama was incubated by Khosla Ventures.
