Khosla Ventures-backed Mazama Energy secured $135 million in funding to advance enhanced geothermal systems (EGS) technology that taps superhot rock three miles underground.
Mazama is developing geothermal wells capable of generating 15 megawatts of continuous electricity by drilling into deep, high-temperature rock formations. Unlike traditional geothermal plants limited to specific geographic regions with natural heat, EGS creates artificial reservoirs by fracturing rock and circulating fluid to extract heat.
The startup's approach aims to deliver baseload renewable power without the intermittency challenges of wind and solar. A single well can operate continuously regardless of weather or time of day.
Geothermal energy accounts for less than 1% of U.S. electricity generation, primarily constrained to areas like California and Nevada. Advances in EGS technology could unlock geothermal potential across broader regions.
Mazama's funding positions the company to scale drilling operations and demonstrate commercial viability. Success could accelerate adoption of deep geothermal as a reliable decarbonization tool for grid operators seeking stable renewable capacity.
Bain Capital Ventures has secured $1.6 billion to fund early-stage companies building artificial general intelligence and the infrastructure to run it. The fund targets founders developing core AGI technologies and efficiency-focused systems.
Europe's new technology fund is in talks to invest in ElevenLabs Inc., a UK-based artificial intelligence startup. The funding would mark a significant backing for the AI company from a major European institutional investor.
Drone delivery startup Zipline is negotiating a $1 billion funding round that would value the company at roughly $20 billion, nearly tripling its $7.6 billion valuation from January.