DENVER–(BUSINESS WIRE)–April 21, 2022–
Crusoe Energy Systems Inc. (Crusoe) today announced the closing of a $350 million Series C equity offering, providing new capital to accelerate Crusoe’s mission to align the future of the computing with the future of the climate. In addition to equity, Crusoe has entered into expandable credit facilities of up to $155 million with SVB Capital, Sparkfund and Generate Capital to provide additional loan capital for energy systems related to flare mitigation.
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. Other equity funding participants spanned the 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.
- $350M Equity Funding with Participation from G2 Venture Partners and a Cohort of Leading Tech, Energy, Climate and Crypto Investors
- Additional business credit capacity of $155 million 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 the expansion of Digital Flare MitigationÂ® in the United States and internationally
- Accelerates the launch of CrusoeCloud â¢high performance computing (HPC) cloud powered by low carbon energy sources with market leading prices
- Enables Crusoe to attract top talent for numerous vacancies as the team grows from 157 employees today to an estimated over 250 by the end of 2022 – visit crusoeenergy.com/careers to learn more
- Crusoe’s 86 Digital Flare Mitigation data centers have prevented approximately 2.5 billion cubic feet of flaring and achieved up to 99.89% elimination of methane emissions, when flares typically emit a significant amount of methane unburned, a potent greenhouse gas that traps 82.5 times more heat than CO2 over 20 years
- The company’s deployed fleet of flare removal data centers has a capacity to reduce CO2 equivalent emissions estimated at 650,000 metric tons per year, which is comparable to removing approximately 140,000 cars from the road.
âWe are proud to partner with G2 Venture Partners. Their expertise working with high-growth companies in energy, digital and climate technologies makes them an ideal candidate for the next leg of Crusoe’s journey,â said Chase Lochmiller, CEO and Co-Founder of Crusoe Energy Systems. “The capital provided in this Series C funding unlocks Crusoe’s ability to execute key elements of our vision, in particular it allows us to expand and diversify our energy sources, IT workloads and vertical integration. .”
Funding follows CrusoeCloud alpha launch â¢, a cloud computing platform optimized for power-intensive HPC workloads. CrusoeCloud â¢ aims to offer the world’s cleanest and lowest cost GPU cloud computing solution for workloads such as graphics rendering, artificial intelligence research, machine learning, computational biology, drug discovery therapy, simulation, etc. The alpha product currently offers Nvidia a100 and a40 virtual machine instances at some of the best prices on the market. CrusoeCloud â¢ is expected to launch publicly later this year. Like CrusoeCloud â¢ Alongside Crusoe’s existing digital currency mining business, the environmental benefits are also scaling through greater volumes of flare mitigation and renewable energy generation.
âEliminating methane emissions from flaring is an immediately achievable and impactful step towards mitigating climate change. Crusoe’s technology converts stranded gas into valuable computing resources,â said Ben Kortlang, Partner at G2 Venture Partners. âAfter a deep dive into blowout mitigation and modular data center technologies, we have concluded that Crusoe is the undisputed leader in terms of scale, operational excellence, talent, vision and proven commitment. environmental standards. This capital will allow Crusoe to deploy Digital Flare Mitigation on a larger scale, use its solution to accelerate the deployment of renewable energy and continue to innovate with its cutting-edge technology.”
Following the funding, G2VP joins Crusoe’s board of directors alongside Valor Equity Partners, Bain Capital Ventures, KCK Group and co-founders Chase Lochmiller and Cully Cavness.
About Crusoe Energy Systems Inc.
Crusoe is on a mission to align the future of computing with the future of climate. We pioneer clean computing infrastructure that reduces both the costs and environmental impact of the growing global digital economy. By freeing up stranded energy sources to power crypto, the cloud and data centers, we are creating a future for compute-intensive innovation that reduces emissions rather than increasing them. The world’s appetite for calculation, energy and progress will never cease to grow. Crusoe is here to energize ideas in ways that meet the needs of our climate.
About G2 Venture Partners
G2 Venture Partners is a venture capital and growth investment firm that seeks to work with the world’s best companies that are using emerging technologies to modernize traditional industries. Historically, savings and emissions have grown in parallel. G2 invests in companies that break that link, growing the economy while reducing global emissions. We support entrepreneurs who are forging new paths towards environmentally and socially responsible economic growth in sectors such as transportation, manufacturing, retail, agriculture, energy, supply chain and logistics.
For those interested in early access to CrusoeCloud â¢ please contact firstname.lastname@example.org.
Crusoe was advised by Ducera Partners who acted as financial advisor in connection with the debt capital raises. Crusoe did not hire a financial advisor for the capital increase.
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CONTACT: Holly Gordon
KEYWORD: UNITED STATES NORTH AMERICA COLORADO
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SOURCE: Crusoe Energy Systems Inc.
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PUBLISHED: 04/21/2022 00:00/DISC: 04/21/2022 00:02