Crusoe Energy raised $505 million in a series C round led by G2 Venture Partners to help the miner expand and diversify its energy sources.
Crusoe Energy raised $505 million in a series C round led by G2 Venture Partners to help the miner expand and diversify its energy sources.
- Crusoe Energy raised $505 million in a clean energy-focused investment round to enable the company to focus on large-scale bitcoin mining.
- The round, led by G2 Venture Partners, provided $350 million in equity and $155 million in corporate credit capacity.
- G2 Venture Partners will join the board of directors at Crusoe and said the funding will allow the miner “to continue innovating its industry-leading technology.”
Crusoe Energy, one of the pioneers in using stranded natural gas to mine bitcoin, has raised $505 million in capital split among equity and corporate credit capacity, according to a press release[2].
The investing round was led by climate technology investment group G2 Venture Partners and will allow Crusoe to pursue large-scale bitcoin mining.
“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,” said Crusoe co-founder and CEO Chase Lochmiller, per the release.
The round brought $350 million in equity and another $155 million in corporate credit capacity to Crusoe. In addition to developing large scale mining operations, the miner said it would recruit talent to expand its team from 157 to 250 people by end-of-year, strengthen its cloud computing infrastructure and expand its methane-eliminating Digital Flare Mitigation data centers.
Bitcoin mining enables oil producers to sell gas they accidentally find while drilling for oil, not only bringing more profits
