Mazama Energy has raised $135 million to accelerate its geothermal activities near Oregon's Newberry Volcano. The startup is seeking to generate clean electricity from superhot rocks, an emerging and largely unproven approach that could have enormous upside.
The funding is intended to push forward the company's next-generation geothermal projects at the volcanic site. Because the technology has not yet been proven at commercial scale, the investment marks a significant bet on the viability of superhot rock power.
If the approach succeeds, it could expand the clean-energy options available from geothermal. If it does not, the project will become an example of the hurdles facing unproven energy innovations.