Texas Geothermal Firm Lands $135 Million for Newberry Volcano

A Texas-based geothermal company has secured $135 million to continue exploring superhot rock energy at Oregon's Newberry Volcano, Oregon Public Broadcasting reports.

The funding round backs one of the most ambitious efforts in the emerging superhot rock geothermal sector. At Newberry Volcano, developers drill deep enough to reach rock heated far beyond the temperatures of conventional geothermal fields. Water injected into that rock can return as supercritical steam, which carries significantly more energy per unit than ordinary steam and could dramatically improve the economics of geothermal power.

Oregon's Newberry Volcano has long served as a testing ground for advanced geothermal concepts. The site's heat, located at drillable depths, makes it one of the few places in the United States where superhot rock technology can be tested at commercial scale.

The $135 million commitment signals growing investor confidence in a technology that has drawn interest from major energy players and government programs alike. Superhot rock geothermal, if proven, could deliver always-on clean power without the intermittency of wind and solar.

The company will use the capital to extend its exploration campaign at the volcano site. Success would mark a step toward proving that superhot rock systems can work outside the laboratory and small-scale pilots.

Whether the Newberry program can convert that funding into drill holes that hit target temperatures will determine how quickly superhot rock geothermal moves from promise to power grid.