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Sunday, March 19, 2023

Gas-to-Bitcoin Mining Firm Crusoe Energy Systems Raises $505 Million

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Gas-to-Bitcoin Mining Firm Crusoe Energy Systems Raises $505 Million – Crusoe Energy Systems Inc., a bitcoin mining and flare gas mitigation company, announced on Thursday that it has raised $505 million in new cash from strategic investors. G2 Venture Partners, a climate technology venture capital firm, led the Series C equity fundraising round, according to the report.

Crusoe Energy Systems has revealed that it has raised $505 million in new funding, following reports that the business was working on a gas-to-bitcoin mining pilot with Exxon. Crusoe’s total capital raised now stands at $747.5 million, thanks to the Series C fundraising round headed by G2 Venture Partners (G2VP).

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Crusoe secures credit facilities worth up to $155 million in addition to the $350 million Series C announced on Thursday. Crusoe claims that the new funding would help the company achieve its goal of aligning the future of computing with the future of the climate.

Lowercarbon Capital, Valor Equity Partners, DRW Venture Capital, Polychain Capital, CMT Digital, Bain Capital Ventures, MCJ Collective, Winklevoss Capital, Zigg Capital, Atreides Management, Founders Fund, Exor Seeds, and Upper90 were among the companies who participated. Inclusive Capital Partners, Footprint Coalition Ventures, Engine No. 1, Tao Capital, Castle Island Ventures, Felicis Ventures, and Mitsui & Co. are among the new investors in Crusoe.

Crusoe will be able to utilize cloud computing and large-scale bitcoin mining operations thanks to the Series C and credit facilities. According to Crusoe, the investment will “propel expansion of Crusoe’s Digital Flare Mitigation within the United States and internationally.” Crusoe currently operates 86 Digital Flare Mitigation facilities, removing a significant amount of carbon from the atmosphere, according to the company.

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Crusoe isn’t the only bitcoin mining and flare gas reduction company out there. EZ Blockchain, Greenidge Generation, and Upstream Data are among the companies that offer gas-to-bitcoin conversion services. For example, EZ Blockchain announced in May that it was developing on a gas-to-bitcoin solution with Silver Energy, a Texas-based oil and gas firm.

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