Monday, December 9, 2019

Crusoe Energy Systems Gets $30M To Convert Flare Gas To Bitcoin

Denver-based Crusoe Energy Systems, a startup which uses excess flare gas from shale drilling sites to power Bitcoin mining equipment, has raised $30M in a funding round, the company said last week. The company said the funding came from Bain Capital Ventures, along with The KCK Group, Founders Fund, Winklevoss Capital, and Polychain Capital. The company said it also received $40M in project financing, bringing its total new capital to $70M. Crusoe says its systems are used for remote natural gas flare mitigation at the wellhead, converting gases that otherwise would just be burnt into energy for Bitcoin mining. The company is led by CEO and co-founder Chase Lochmiller.