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Big Oil Backs Mazama's $135 Million Bet On Superhot Geothermal
Mazama Energy announced $135 million in new capital with an oversubscribed Series B that included ConocoPhillips and Shell Ventures. With Devon Energy initially backing Fervo in 2023, a pattern is emerging with oil and gas veterans placing their bets in the geothermal industry.
Some of the techniques developed by the O&G industry are translating well to geothermal projects. Horizontal drilling, well completions, and underground reservoir expertise are finding new purpose in an industry that is far more politically neutral than the fossil fuel industry ever could be.
Geothermal very well could be one of the AI-powered trades that is yet to be fully discovered. The Trump administration has thrown its full support behind the technology, as it holds some of the best qualities of nuclear energy without the [unfounded] radiation concerns.