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Oil-to-Bitcoin Mining Firm Crusoe Energy Systems Raised $505 Million

Crusoe Energy Systems Inc., a bitcoin mining and mitigation company, announced that it has secured $505 Million in new capital from strategic investors. 

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Oil-to-Bitcoin Mining Firm Crusoe Energy Systems Raised $505 Million

The Series C equity funding round was announced by G2 Venture Partners (G2VP), a climate technology venture capital firm.

Crusoe Energy Systems secures $505 million from Strategic Investors

Crusoe has reported the company has received $505 million in additional funding. This follows the report which stated Crusoe Energie Systems was currently working on a pilot gas-to-bitcoin miner with Exxon. G2 Venture Partners (G2VP), led the Series C financing round. Crusoe now has a total capital of $747.5 million.

Crusoe secured credit facilities up to $155,000,000 that can be extended. The Series C was announced on Thursday at $350 Million. Crusoe claims that the new capital will help accelerate the company’s mission to "align computing's future with climate change."

G2VP was joined by Lowercarbon Capital Capital, Polychain Capital and Bain Capital Ventures. Founders Fund also participated. Robert Downey Jr., Inclusive Capital Partner, and Engine No. are new investors in Crusoe. 1, Tao Capital and Felicis Ventures. Castle Island Ventures and Mitsui & Co.

Crusoe's Data Facilities "Prevented an Estimated 2.5 billion Cubic Feet Flaring"

Crusoe will be able to use large-scale cloud computing and bitcoin mining operations with the Series C and credit facility. According to Crusoe, the funding will "propel the expansion of [Crusoe’s] Digital Flare Mitigation in the United States and internationally." Crusoe currently manages 86 Digital Flare Mitigation Facilities and estimates that a lot more carbon is being removed from the atmosphere.

"[Crusoe’s] data centers have prevented an estimate 2.5 billion cubic feet flaring and achieve up-to 99.89% elimination methane emissions," Ben Kortlang, a partner with G2 Venture Partners, says that reducing carbon emissions is extremely important in affecting climate change.

"Eliminating methane from flaring is an immediate and important step towards mitigating climate change. Crusoe's technology transforms stranded gases into valuable computing resources," Kortlang stated in a statement. After a thorough review of flare mitigation and modular data centers technologies, we concluded Crusoe was the clear leader in scale and operational excellence, talent and vision, and a proven commitment to environmental standards.

Crusoe isn't the only company offering flare gas mitigation and bitcoin mining. Other companies that offer gas-to-bitcoin solutions are Greenidge Generation. Upstream data,, EZ blockchain. EZ Blockchain , for instance, revealed last year that it was working with Silver Energy, an oil and gas provider in Texas, to create a gas-tobitcoin solution.


 

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