Crusoe Energy Systems, a Denver-based Bitcoin miner, has announced the completion of a $350 million Series C equity sale.
Crusoe's key goals after the event include expanding to the United States and worldwide, as well as onboarding new employees to the team.
Crusoe's Round of Funding
Crusoe's $350 million in equity funding included G2 Venture Partners and a collection of major technology, energy, environment, and crypto investors, according to the official blog post. It also secured a $155 million increase in corporate credit capacity.
The additional funds will aid the company's expansion of Digital Flare Mitigation data centers, which presently number 86 in the United States and other parts of the world. At the same time, the company aims to remain associated with clean computing infrastructure in order to reduce both the expenses and the environmental impact of the digital economy's rapid growth.
In addition, the company intends to set up large-scale Bitcoin mining and cloud computing infrastructure. CrusoeCloudTM, a "High-Performance Computing (HPC) cloud" powered by carbon-reducing energy sources, is also expected to benefit from the recently acquired funds. It also plans to grow its workforce, with the goal of hiring at least 250 people by the end of 2022. It now has a membership of 157 people.
Crusoe Energy Systems' CEO and co-founder, Chase Lochmiller, stated,
“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.”
Crusoe will be able to expedite renewable energy adoption and continue innovating its technology, according to Ben Kortlang, Partner of G2 Venture Partners. According to reports, the company is collaborating with Exxon (XOM) on a trial project to use flared gas from its North Dakota oil wells to power Bitcoin mining operations.
G2 Venture Partners, together with Valor Equity Partners, Bain Capital Ventures, KCK Group, and co-founders Chase Lochmiller and Cully Cavness, will join the Crusoe Board of Directors after the funding is completed.
Environmental Concerns with Crypto Mining in the United States
In other news, Jared Huffman, a member of the United States House of Representatives, and almost two dozen of his Democratic colleagues have signed a letter to the Environmental Protection Agency (EPA). It focuses on increasing inspection and assessing crypto mining firms for potentially adding to greenhouse gas emissions and failing to comply with the Clean Air Act or the Clean Water Act.