Crusoe Energy Systems Raises $350 Million for Series C Round

Posted on 04/22/2022

Crusoe Energy Systems Inc. closed a US$ 350 million Series C equity offering. In addition to equity capital, Crusoe has closed credit facilities expandable up to US$ 155 million with SVB Capital, Sparkfund, and Generate Capital to provide additional debt capital for energy systems related to flare mitigation. The company runs 86 “Digital Flare Mitigation” data centers, which circulates energy demand to places where excess natural gas is being flared.

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. Additional participants in the equity financing spanned 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.

The capital enables Crusoe to deploy large scale Bitcoin mining and cloud computing infrastructure while maintaining balance sheet strength and credit quality. The money provides funding to propel expansion of “Digital Flare Mitigation” within the United States and internationally.

Following the financing, G2VP joins Crusoe’s Board of Directors alongside Valor Equity Partners, Bain Capital Ventures, KCK Group, and co-founders Chase Lochmiller and Cully Cavness. Prior to founding Crusoe, Chase Lochmiller was a General Partner at Polychain Capital.

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