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Mazama Energy funding, valuation and investors
Superhot-rock enhanced geothermal at Oregon’s Newberry Volcano — $135M of new capital in September 2026 including an oversubscribed Series B.
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Funding, valuation & investors
Answer-first snapshotLatest funding
Series B (plus other new capital)
$135M new capital · September 2026
Latest known valuation
Not publicly disclosed
Total disclosed equity funding
$135M
Excludes debt, grants, acquisitions, secondaries, and IPO proceeds.
Current status
private
series b · Frisco / Dallas, Texas (Newberry, Oregon project)
Investors in latest funding
Lead: Centaurus Capital , Doerr Capital
Other: Khosla Ventures , Gates Frontier , ConocoPhillips , Shell Ventures , SiteGround Capital , H. Barton Asset Management , Jeffrey and Marieke Rothschild Foundation
Overview
Mazama Energy is a Frisco/Dallas-area geothermal developer incubated at Khosla Ventures and led by CEO Sriram Vasantharajan, a chemical engineer from oil-and-gas wells. It is building enhanced geothermal systems in superhot rock near Oregon’s Newberry Volcano. In October 2025 it said it created the hottest engineered geothermal system on record at 629°F (331°C). On September 17, 2026 it announced $135 million of new capital including an oversubscribed Series B led by John Arnold’s Centaurus Capital and Doerr Capital, with ConocoPhillips, Shell Ventures, returning Khosla Ventures and Gates Frontier, plus SiteGround Capital, H. Barton Asset Management, and the Jeffrey and Marieke Rothschild Foundation. TechCrunch called the raise a Series B; Axios said Series B funding and grants. Proceeds fund Project Ceres (DOE-supported), which targets 15 MW per well and a 2027 power-generation demonstration. Company claims include independent certification of more than 10 GWe of resource potential at Newberry (up from Vinod Khosla’s 5 GW comment a year earlier), first-site output of 200 MW by 2030, and a second land position. This is not Fervo Energy (Nasdaq: FRVO).
Why Mazama Energy is interesting
Company-disclosed $135 million of new capital on September 17, 2026 includes an oversubscribed Series B led by Centaurus Capital and Doerr Capital. Canary Media says the bag includes Series B; Axios reports Series B funding and grants. Valuation was not disclosed. The technical tell is Newberry: 331°C EGS in 2025, a second well that hit 10,350 feet 80% faster, and a DOE-backed Project Ceres aiming at 15 MW per horizontal well.
Product & use cases
Enhanced geothermal systems in superhot rock: drill, create an engineered reservoir, and recover heat as supercritical fluid to generate firm electricity.
- Utility-scale firm, carbon-free power from engineered geothermal
- Data-center and industrial offtake that needs 24/7 supply
- Complement to intermittent wind and solar on western U.S. grids
Key facts
- Sep 17, 2026: $135M new capital including oversubscribed Series B (company / GlobeNewswire). Axios: Series B funding and grants. TechCrunch: Series B. No valuation.
- Leads: Centaurus Capital (John Arnold) and Doerr Capital. Returning: Khosla Ventures, Gates Frontier. Strategics: ConocoPhillips, Shell Ventures.
- 2025 Newberry EGS at 629°F / 331°C; second well reached 10,350 ft ~80% faster (company / Canary).
- Project Ceres: DOE-supported; 15 MW/well target; power-generation demo planned 2027. Company: >10 GWe Newberry resource; 200 MW first site by 2030.
Funding history (newest first)
Series B (plus other new capital)
2026-09 $135M new capital- Centaurus Capital (lead)
- Doerr Capital (lead)
- Khosla Ventures (participant)
- Gates Frontier (participant)
- ConocoPhillips (participant)
- Shell Ventures (participant)
- SiteGround Capital (participant)
- H. Barton Asset Management (participant)
- Jeffrey and Marieke Rothschild Foundation (participant)
Competitive landscape
Edge: Hottest disclosed EGS well (331°C, 2025) and a push toward 400°C supercritical conditions that the company says can deliver up to 10× conventional geothermal output per well — still pre-commercial power.
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Fervo Energy direct
Public EGS operator (Nasdaq: FRVO). See /startup/fervo-energy. Different site and temperature target; Fervo already sells power.
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Sage Geosystems direct
Canary: recently started producing power from a Texas pilot. Different temperature and commercial status.
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Quaise Energy adjacent
Also drilling near Newberry. Canary cited an ~$180 million round in August 2026. Different drilling approach (millimeter-wave).
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Conventional hydrothermal / gas peakers incumbent
Natural steam pockets or fossil firming. Superhot EGS is the bet that engineered reservoirs beat both on cost at scale.
Market / IPO context
Editorial / static context — not a live quote.
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