The Crypto Miners Crusoe Energy Systems announced that they raised $505 Million in a Series C round to enhance climate-friendly computing.
The company closed $350 Million in equity offering and an additional $155 Million in credit facilities from various investors like SVB Capital, Generate Capital and Sparkfund. The funding was headlined by G2 Venture Partners and other investors like Polychain Capital, Bain Capital Ventures, Robert Downey Jr.’s FootPrint Coalition Ventures and more.
Crusoe energy systems is on a mission to eradicate the flaring of natural gas and reduce the cost of cloud computing. This funding will be used in enhancing the launch of their cloud computing platform CrusoeCloud. It will be powered by stranded energy like flare gas and curtailed renewables.
By the end of the year, the company also intends to expand its workforce from 157 employees to 250.
The company will use surplus natural gas in order to reduce methane emissions while gaining a profit.
“This capital will enable Crusoe to deploy Digital Flare Mitigation at a greater scale, to use its solution to accelerate renewable energy deployment, and to continue innovating its industry-leading technology.” These statements were given by Ben Kortlang, Partner at G2 Venture Partners.
Crusoe Energy tweeted “We’re thrilled to have an incredibly thoughtful and value aligned partner with @G2VPLLC as we scale @CrusoeEnergy.”
Crusoe is planning to take big steps towards saving the environment. The company is planning to expand its operations internationally in countries like Germany, Argentina and Nigeria. In a similar fashion, ExxonMobil collaborated with Crusoe to power crypto mining with excess gas to avoid flaring.