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

On Thursday, the bitcoin mining and flare state mitigation steadfast Crusoe Energy Systems Inc. revealed it secured $505 cardinal successful caller superior from strategical investors. According to the announcement, the Series C equity backing circular was led by the clime exertion task superior steadfast G2 Venture Partners (G2VP).

Crusoe Energy Systems Secures $505 Million From Strategic Investors

Following the report that said Crusoe Energy Systems was moving connected a gas-to-bitcoin mining aviator with the state elephantine Exxon, Crusoe has announced the institution has raised $505 cardinal successful caller funding. The Series C financing circular was led by G2 Venture Partners (G2VP) and the latest backing brings Crusoe’s full superior raised to $747.5 million.

The Series C announced connected Thursday closed astatine $350 million, but Crusoe besides secured recognition facilities that are expandable up to $155 million. Crusoe says the caller superior volition accelerate the company’s ngo to “align the aboriginal of computing with the aboriginal of the climate.”

In summation to G2VP, the firms Valor Equity Partners, Lowercarbon Capital, Polychain Capital, Bain Capital Ventures, Founders Fund, MCJ Collective, Winklevoss Capital, Zigg Capital, DRW Venture Capital, Atreides Management, Exor Seeds, CMT Digital, and Upper90 participated arsenic well. New investors successful Crusoe see Robert Downey Jr.’s Footprint Coalition Ventures, Inclusive Capital Partners, Engine No. 1, Tao Capital, Felicis Ventures, Castle Island Ventures, and Mitsui & Co.

Crusoe’s Data Facilities ‘Prevented an Estimated 2.5 Billion Cubic Feet of Flaring’

The Series C and recognition facilities volition let Crusoe to deploy large-scale bitcoin mining and unreality computing operations. The backing volition besides “propel enlargement of [Crusoe’s] Digital Flare Mitigation wrong the United States and internationally,” the institution said. Presently, Crusoe manages 86 Digital Flare Mitigation facilities and the institution estimates a batch of c is removed from the atmosphere.

“[Crusoe’s] information centers person prevented an estimated 2.5 cardinal cubic feet of flaring and execute up to 99.89% elimination of methane emissions, whereas flares typically emit a important magnitude of uncombusted methane, a potent greenhouse state that traps 82.5 times much vigor than CO2 implicit a 20-year timeframe.” Ben Kortlang, a spouse astatine G2 Venture Partners says that the elimination of c emissions is highly adjuvant toward affecting clime change.

“Eliminating methane emissions from flaring is an instantly actionable and impactful measurement toward mitigating clime change. Crusoe’s exertion converts stranded state into invaluable computing resources,” Kortlang said successful a statement. “After a heavy dive into flare mitigation and modular information halfway technologies, we concluded that Crusoe is the wide person successful scale, operational excellence, talent, imaginativeness and proven committedness to biology standards.”

Meanwhile, Crusoe is not the lone bitcoin mining and flare state mitigation firm. Other companies offering gas-to-bitcoin solutions see Greenidge Generation, Upstream Data, and EZ Blockchain. For instance, the institution EZ Blockchain revealed past May that the institution was moving connected a gas-to-bitcoin solution with an lipid and state supplier from Texas, Silver Energy.

What bash you deliberation astir Crusoe Energy Systems raising $505 cardinal from strategical investors? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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