Bitcoin Miner Crusoe Closes 500M Series C Equity Offer

Crusoe Energy Systems, the Denver-based Bitcoin miner Crusoe Energy Systems announced that it has closed a $350 million Series C equity sale.

Crusoe’s main goals following the event are expansion to the USA and international, as well onboarding more team members.

Crusoe Funding round

According to the official blog post, Crusoe’s $350 million in equity financing witnessed the participation of G2 Venture Partners and a group of prominent technology, energy, climate, and crypto investors. It was also granted corporate credit capacity of $155 million.

The new capital would help the company’s expansion of Digital Flare Mitigation data centers, which now stand at 86 across the US and other parts of the world. The company also wants to be aligned to clean computing infrastructure to reduce both the environmental and financial impact of the rapidly expanding digital economy.

The company plans also to expand its large-scale Bitcoin mining operations as well as its cloud computing infrastructure. The recently added capital is also expected to ramp up the launch of CrusoeCloud™, which happens to be a “High-Performance Computing (HPC) cloud” driven by carbon-reducing energy sources. It is also looking to increase its workforce, with at least 250 people expected to be hired by the end 2022. It currently employs 157 people.

Chase Lochmiller is the CEO and cofounder of Crusoe energy Systems.

“We are proud to partner with G2 Venture Partners. Their expertise in 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.”

G2 Venture Partners’ Partner Ben Kortlang thinks Crusoe’s funding round will allow them to expand renewable energy deployment and innovate their technology. According to reports, Crusoe is currently involved in a pilot program with Exxon (XOM), to harness flared gas from its North Dakota wells to power Bitcoin mining operations.

As the financing concludes, G2 Venture Partners will join the Crusoe’s Board of Directors alongside Valor Equity Partners, Bain Capital Ventures, KCK Group, and co-founders Chase Lochmiller and Cully Cavness.

US Lawmakers Concerning Environmental Concerns with Crypto Mining

Jared Huffman, a member of the United States House of Representatives, and nearly two dozen of his Democratic coworkers have sent a letter to Environmental Protection Agency (EPA). The letter is designed to intensify scrutiny and evaluate companies involved in crypto mining, which could contribute to greenhouse gas emission and are not compliant with either the Clean Air Act nor the Clean Water Act.

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