Clean computing infrastructure company Crusoe Energy Systems announced today that it has closed on over $500 million in new capital, including a $350 million Series C equity offering led, and credit facilities of up to $155 million.
The equity financing was led by climate tech VC investor G2 Venture Partners (G2VP), with participation from technology, energy, climate, and crypto-focused investors.
The new funding will be used to expand Crusoe’s methane-eliminating data centers and launch an emissions-reducing platform for high performance computing (HPC) computing.
Chase Lochmiller, CEO and co-founder of Crusoe Energy Systems, said:
“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. 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.”
Crusoe captures wasted energy and uses it to power advanced computing systems for power crypto, cloud, and data centers. The company’s Digital Flare Mitigation data centers have prevented an estimated 2.5 billion cubic feet of flaring and achieve up to 99% elimination of methane emissions, a potent greenhouse gas. Its deployed fleet of flare-mitigating data centers can reduce CO2-equivalent emissions estimated at 650,000 metric tons per year.
The new funding will help expand Digital Flare Mitigation within the U.S and internationally, and it will enable the deployment of large-scale Bitcoin mining and cloud computing infrastructure. Additionally, it will accelerate the launch of CrusoeCloud, the HPC cloud powered by carbon-reducing energy sources.
With 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.
Ben Kortlang, Partner at G2 Venture Partners, said:
“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.”