- Crusoe Energy 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 its industry-leading technology.”
Crusoe Energy, one of the pioneers in using stranded natural gas to mine Bitcoin, has raised $505 million in capital made up of 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 allow Crusoe to mine Bitcoin at scale.
“The capital raised in this Series C funding positions Crusoe to execute on key elements of our vision, specifically enabling us to expand and diversify our power sources, compute loads and vertical integration,” said Chase Lochmiller, co-founder and CEO of Crusoe . per release.
The round raised Crusoe $350 million in equity and an additional $155 million in corporate credit capacity. In addition to developing large-scale mining operations, the miner said it will recruit talent to expand its team from 157 to 250 by the end of the year, strengthen its cloud computing infrastructure and expand its methane-eliminating digital flare mitigation data centers.
Bitcoin mining allows oil producers to sell gas they accidentally find while drilling for oil, which not only brings these companies more profits, but also helps protect the environment, as such energy sources are often wasted due to the 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 can reduce carbon dioxide equivalent emissions by over 60% compared to routine flaring.
“After a deep dive into flare mitigation and modular data center technologies, we have concluded that Crusoe is the clear leader in terms of scale, operational excellence, talent, vision and proven commitment 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, the KCK Group and co-founders Chase Lochmiller and Cully Cavness.
“This capital will enable Crusoe to scale up digital flare mitigation, deploy its solution to accelerate renewable energy deployment, and continue to innovate its industry-leading technology,” added Kortlang.
