- Crusoe Energy has raised $505 million in a clean energy-focused investment round to allow the company to focus on large-scale bitcoin mining.
- The round, led by G2 Venture Partners, provided $350 million in equity and $155 million in corporate credit capacity.
- G2 Venture Partners will join Crusoe’s board of directors and said the funding will allow the miner “to continue to innovate in its cutting-edge technology.”
Crusoe Energy, one of the pioneers in using failed natural gas to mine bitcoin, has raised $505 million in capital split between equity and corporate credit capacity, according to a Press release.
The investment round was led by climate technology investment group G2 Venture Partners and will enable Crusoe to pursue large-scale bitcoin mining.
“The capital provided in this Series C funding unlocks Crusoe’s ability to implement key elements of our vision, in particular it allows us to expand and diversify our energy sources, IT workloads and our vertical integration,” Crusoe co-founder and CEO Chase Lochmiller said, according to the release.
The round brought $350 million in equity and an additional $155 million in corporate credit capacity to Crusoe. In addition to developing large-scale mining operations, the miner said it will recruit talent to expand its team from 157 to 250 people by the end of the year, strengthen its cloud computing infrastructure and expand its centers. Digital Flare Mitigation dataset removing methane.
Bitcoin mining allows oil producers to sell gas they accidentally find while drilling for oil, not only bringing more profit to these companies, but also helping the environment, as these sources of energy is usually wasted due to a lack of nearby pipelines.
Denver-based Crusoe helps these companies capture otherwise wasted excess gas from their power generation, convert it into electricity, and use it to power data centers and bitcoin mining operations. The company estimates that bitcoin mining reduces carbon dioxide equivalent emissions by more than 60% compared to routine flaring.
“After a deep dive into flare mitigation and modular data center technologies, we concluded that Crusoe is the undisputed leader in terms of scale, operational excellence, talent, vision and commitment. proven to environmental standards,” said Ben Kortlang, partner at G2 Venture Partners.
Following the investment round, G2 Venture Partners will join Crusoe’s board of directors along with Valor Equity Partners, Bain Capital Ventures, KCK Group and co-founders Chase Lochmiller and Cully Cavness.
“This capital will allow Crusoe to deploy Digital Flare Mitigation on a larger scale, use its solution to accelerate the deployment of renewable energy and continue to innovate its cutting-edge technology,” added Kortlang.