Oman Investment Authority is Invested in Crusoe Energy Systems
Posted on 06/01/2022
The Oman Investment Authority (OIA), the sovereign wealth fund of Oman, participated in a US$ 350 million equity round in April 2022 in Denver-based Crusoe Energy Systems Inc. Crusoe Energy Systems plans to open an office in Muscat and push out power generators and mining equipment for capturing gas at well sites. Crusoe Energy Systems believes that the Middle East and North Africa account for about 38% of the world’s flaring. Flaring is the burning of excess natural gas from oil fields. Crusoe Energy uses flared natural gas from oil fields as fuel for generators that it installs in oil production facilities. The utilization of this oil-field by-product, which was previously burned off, significantly reduces greenhouse gas emissions. Crusoe Energy Systems keeps all the cryptocurrencies it mines. Crusoe’s Digital Flare Mitigation technology will serve various sectors in the region including oil and gas, power generation, and information and communications technology.
Mitsui & Co., Ltd. and Mubadala Investment Company also invested in the April 2022 round.
OIA invested in an earlier 2021 round in Crusoe Energy Systems.
OIA is keen on investing in new technologies, while having those firms directly invest in Oman.