On Thursday, bitcoin mining and flare gas mitigation firm Crusoe Energy Systems Inc. revealed that it has secured $505 million in new capital from strategic investors. According to the announcement, the Series C equity funding round was led by climate technology venture capital firm G2 Venture Partners (G2VP).,
Crusoe Energy Systems secures $505 million from strategic investors
After reports that Crusoe Energy Systems was working with gas giant Exxon on a gas-to-bitcoin mining pilot, Crusoe has announced that the company has raised $505 million in new funding. The Series C funding round was led by G2 Venture Partners (G2VP) and the latest funding raised Crusoe’s total capital to $747.5 million.
Series C announced Thursday closed at $350 million, but Crusoe also secured credit facilities that are expandable up to $155 million. Crusoe says the new capital will accelerate the company’s mission to “align the future of computing with the future of the climate.”
In addition to G2VP, Valor Equity Partners, LowerCarbon Capital, Polychain Capital, Bain Capital Ventures, Founders Fund, MCJ Collective, Winklevoss Capital, Zig Capital, DRW Venture Capital, Atrides Management, Axor Seeds, CMT Digital and Upper 90 participated. Well. New investors in Crusoe include Robert Downey Jr.’s Footprint Coalition Ventures, Inclusive Capital Partners, Engine No. 1, Tao Capital, Felicis Ventures, Castle Island Ventures and Mitsui & Co.
Crusoe’s data facilities ‘prevented an estimated 2.5 billion cubic feet of flaring’
The Series C and Credit facilities will allow Crusoe to deploy large-scale bitcoin mining and cloud computing operations. The funding will also “spur expansion”. [Crusoe’s] digital flare mitigation in the United States and internationally,” the company said. Currently, Crusoe manages 86 Digital Flare Mitigation facilities and the company estimates that a lot of carbon is removed from the atmosphere.
,[Crusoe’s] Data centers have prevented an estimated 2.5 billion cubic feet of glare and achieved the elimination of up to 99.89% of methane emissions, while flares typically emit a significant amount of uncondensed methane, a potent greenhouse gas that accounts for more than 20 percent of methane emissions. traps 82.5 times more heat than CO2. year time frame. Ben Kortlang, a partner at G2 Venture Partners, says the elimination of carbon emissions is extremely helpful in addressing climate change.
“Eliminating methane emissions from flare is an immediately actionable and impactful step toward mitigating climate change. Crusoe’s technology converts trapped gas into valuable computing resources,” Courtlang said in a statement. After a deep dive into mitigation and modular data center technologies, we conclude that Crusoe is the clear leader in scale, operational excellence, talent, vision and proven commitment to environmental standards.”
At the same time, Crusoe is not the only bitcoin mining and flare gas mitigation company. Other companies providing gas-to-bitcoin solutions include Greenidge Generation, Upstream Data and Easy Blockchain. For example, the company Easy Blockchain disclosed last May that the company was working on a gas-to-bitcoin solution with an oil and gas provider from Texas, Silver Energy.
What do you think about Crusoe Energy Systems raising $505 million from strategic investors? Let us know what you think about this topic in the comment section below.
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