Startup profile · funding coverage
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.
Verified company research · funding, investors and latest developments
Keep track of Mazama Energy
Save this profile to your VCT watchlist for a quick return.
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 develops enhanced geothermal systems in superhot rock, with projects near Oregon's Newberry Volcano. It announced $135 million of new capital in September 2026, including a Series B led by Centaurus Capital and Doerr Capital. The package includes financing categories that should be distinguished rather than counted entirely as venture equity.
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)
Source: Read source · globenewswire.com
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.
-
Fervo Energy direct
Public EGS operator (Nasdaq: FRVO). See /startup/fervo-energy. Different site and temperature target; Fervo already sells power.
-
Sage Geosystems direct
Canary: recently started producing power from a Texas pilot. Different temperature and commercial status.
-
Quaise Energy adjacent
Also drilling near Newberry. Canary cited an ~$180 million round in August 2026. Different drilling approach (millimeter-wave).
-
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.
FAQs about Mazama Energy
Practical answers founders, operators, and investors typically search for.
Last updated:
Editorial note: AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.