Crusoe mining company attracted $ 350 million
Crusoe Energy Systems Inc mining company closed the round of $ 350 million series financing.
It was headed by G2 Venture Partners. Among the participants: Valor Equity Partners, LowerCarbon Capital, Polychain Capital, Bain Capital Ventures, Founders Fund, McJ Collective, Winklevoss Capital and others.
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One of the new Crusoe investors was the venture company Footprint Coalition Ventures Star Hollywood Robert Dauni Jr.
In addition to attracting joint -stock capital, the company received credit lines from SVB Capital, Sparkfund and Generate Capital in the amount of up to $ 155 million.
Crusoe uses Bitcoin mining energy from combustion of associated oil gas. It will direct funds to expand business outside the United States, accelerate the launch of cloud solutions for Crusoecloud computing, as well as an increase in the team from 157 to 250 people by the end of 2022.
According to the press release, Crusoe deployed 86 modular Digital Flare Mitigation installations. Mobile data centers prevented the burning of about 71 million m³ of gas in torches, reducing methane emissions by 99.89%. With the traditional technology of elimination of surpluses, a significant unburned amount of this greenhouse gas is distinguished.
Crusoe installation park is able to reduce emissions in the equivalent of Co2 650,000 tons per year. This is comparable to the removal of the roads of 140,000 cars, appreciated in the company.
“The cessation of methane emissions during burning in torches is an immediate and effective step towards mitigating the consequences of climate change. Crusoe technology converts gas into valuable computing resources, ”said G2 Venture Partners partner bin Cortlang.
In May 2019, Crusoe attracted $ 4.5 million during the SEED-round with the participation of venture firms by Peter Til and the Winklvossov brothers. In December of the same year, the company raised $ 70 million and announced the deployment of 70 Digital Flare Mitigation installations.
Recall that Crusoe became an Exxonmobil partner in the pilot project of the oil giant for mining Bitcoin on torch gas energy in North Dakota.