Crusoe Energy Systems Closes $505 Million in New Capital Led by Climate Technology Investors G2 Venture Partners, Prepares Launch of CrusoeCloud

Funding to expand methane-eliminating Digital Flare Mitigation data centers and launch CrusoeCloud, the low-cost and emissions-reducing platform for high performance computing

Crusoe Energy Systems Inc. (Crusoe) announced that it has closed a $350 million Series C equity offering, providing new capital to accelerate Crusoe’s mission to align the future of computing with the future of the climate. In addition to equity capital, Crusoe has closed credit facilities expandable up to $155 million with SVB Capital, Sparkfund and Generate Capital to provide additional debt capital for energy systems related to flare mitigation.

Latest Aithority Insights: Koïos Intelligence and Applied to Further Digitize Sales and Service Workflows

“Eliminating methane emissions from flaring is an immediately actionable and impactful step toward mitigating climate change. Crusoe’s technology converts stranded gas into valuable computing resources”

The Series C equity financing was led by climate technology venture capital firm G2 Venture Partners (G2VP), in line with the fund’s mandate to scale technologies that economically decarbonize large existing industries. Additional participants in the equity financing spanned technology, energy, climate, and crypto sectors, including returning investors 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 as well as new investors Inclusive Capital Partners, Engine No. 1, Tao Capital, Felicis Ventures, Castle Island Ventures, Mitsui & Co., and Robert Downey Jr.’s FootPrint Coalition Ventures, among others.

Highlights:

• $350 million equity financing with participation from G2 Venture Partners and cohort of leading technology, energy, climate, and crypto investors
• Additional $155 million corporate credit capacity brings total new capital to $505 million
• Enables Crusoe to deploy large scale Bitcoin mining and cloud computing infrastructure while maintaining excellent balance sheet strength and credit quality
• Funding to propel expansion of Digital Flare Mitigation® within the United States and internationally
• Accelerates the launch of CrusoeCloud™, the High-Performance Computing (HPC) cloud powered by carbon-reducing energy sources with market leading pricing
• Enables Crusoe to attract top-tier talent for many open roles as team scales from 157 employees today to more than an estimated 250 by the end of 2022 – visit crusoeenergy.com/careers to learn more
• Crusoe’s 86 Digital Flare Mitigation data centers have prevented an estimated 2.5 billion cubic feet of flaring and achieve up to 99.89% elimination of methane emissions, whereas flares typically emit a significant amount of uncombusted methane, a potent greenhouse gas that traps 82.5 times more heat than CO₂ over a 20-year timeframe
• The Company’s deployed fleet of flare-eliminating data centers have a capacity to reduce CO₂-equivalent emissions estimated at 650,000 metric tons per year, comparable to removing approximately 140,000 cars from the road

Browse The Complete News About Aithority: AI for Safe Autonomous Drone Operations with Technologies from Auterion and Spleenlab

“We are proud to partner with G2 Venture Partners. Their expertise working with high-growth companies in energy, digital and climate technologies makes them a perfect fit for the next leg of Crusoe’s journey,” said Chase Lochmiller, CEO and co-founder of Crusoe Energy Systems. “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.”

The financing follows the alpha launch of CrusoeCloud™, a cloud computing platform optimized for energy-intensive HPC workloads. CrusoeCloud™ aims to offer the cleanest and lowest-cost GPU cloud computing solution in the world for workloads including graphical rendering, artificial intelligence research, machine learning, computational biology, therapeutic drug discovery, simulation and more. The alpha product currently offers Nvidia a100 and a40 virtual machine instances at market leading prices. CrusoeCloud™ is scheduled to launch publicly later this year. As CrusoeCloud™ scales alongside Crusoe’s existing digital currency mining business, environmental benefits also scale through greater volumes of flare mitigation and renewable power generation.

“Eliminating methane emissions from flaring is an immediately actionable and impactful step toward mitigating climate change. Crusoe’s technology converts stranded gas into valuable computing resources,” said Ben Kortlang, Partner at G2 Venture Partners. “After a deep dive into flare mitigation and modular data center technologies, we concluded that Crusoe is the clear leader in scale, operational excellence, talent, vision and proven commitment to environmental standards. This capital will enable Crusoe to deploy Digital Flare Mitigation at greater scale, to use its solution to accelerate renewable energy deployment, and to continue innovating its industry-leading technology.”

Following the financing, G2VP joins Crusoe’s Board of Directors alongside Valor Equity Partners, Bain Capital Ventures, KCK Group, and co-founders Chase Lochmiller and Cully Cavness.

Read More About Aithority News : Altada Files Three Fast Track U.S. Patent Applications Relating to its Doc Intelligence Solution

 [To share your insights with us, please write to sghosh@martechseries.com]