Flared-Gas Bitcoin Miner Crusoe Energy Raises 350 Million USD Series C
- ByStartupStory | April 21, 2022
Crusoe Energy raised $505 million in new funding round to further expand its operations across the U.S. and internationally. The company is known for pioneering bitcoin mining by using wasted natural gas as a power source.
According to a statement, the Colorado-based miner raised 350 million USD in a Series C equity offering led by climate-tech venture capital company G2 Venture Partners. Crusoe also closed credit facilities, expandable to up to around 155 million USD with Generate Capital, SVB Capital, and Sparkfund.
“The capital provided in this Series C financing unlocks Crusoe’s ability to execute on key elements of our vision, specifically, it enables us to diversify and expand our energy sources, computing workloads, and vertical integration,” said Chase Lochmiller, Chief Executive Officer and co-founder of Crusoe Energy.
Crusoe will be using the funds to expand its business and launch a new cloud computing platform, named CrusoeCloud, where energy-intensive, High-Performance Computing systems will be powered by flare gas and renewable energy sources.
CrusoeCloud will be launched publicly soon in 2022, Lochmiller said. Crusoe was also recently recognized for its “innovative” solution to generating energy by the World Bank’s Global Gas Flaring Reduction Initiative report, which has several mobile sites across the United States. Some of the company’s notable customers include Canadian oil firm Enerplus (ERF), Devon Energy (DVN), Kraken Oil & Gas, and others. Reports suggest that Crusoe is currently working on a pilot project with Exxon to use flared gas at the energy major’s North Dakota oil wells to power bitcoin mining operations.
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