Flared-Gas Bitcoin Miner Crusoe Energy Raises $350M Series C

Crusoe Energy, which pioneered bitcoin mining by recycling squandered natural gas as a power source, has raised $505 million in a new fundraising round to expand its operations across the United States and overseas. According to a release, the Denver-based miner raised $350 million in a Series C equity sale headed by climate technology venture capital firm G2 Venture Partners. Crusoe also closed credit arrangements with SVB Capital, Sparkfund, and Generate Capital, which can be expanded up to $155 million. “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 expand and diversify our energy sources, computing workloads and vertical integration,” said Chase Lochmiller, CEO and co-founder of Crusoe Energy. The funds will be used to expand the company’s “Digital Flare Mitigation” technology across the United States and internationally, as well as to launch CrusoeCloud, a new cloud computing platform that will run energy-intensive High-Performance Computing (HPC) systems using flare gas and renewable energy sources. CrusoeCloud will be available to the public later this year, according to Lochmiller. Crusoe has many movable sites across the United States, and was recently acknowledged by the World Bank’s Global Gas Flaring Reduction Initiative report for their “unique” way of generating energy. Devon Energy (DVN), Kraken Oil & Gas, Enerplus...