Crusoe Energy Systems, Inc., a technology driven flare mitigation provider based in Denver announced it has successfully completed a $4.5 million seed financing round led by Bain Capital Ventures and Founders Fund Pathfinder, with additional participation from Wicklow Capital, Winklevoss Capital and Dragonfly Capital Partners.
This investment brings Crusoe’s total funding to $5.1 million. Funding proceeds will be used to accelerate production of Crusoe’s mobile modular data centers to provide large-scale flare mitigation service for oil and gas operators across North America.
Crusoe enables oil and gas producers to transform their wasted natural gas into electrical power at the wellsite, eliminating the need for gas flaring and significantly reducing environmentally harmful emissions. By converting natural gas to energy-intensive computing, Crusoe’s Digital Flare Mitigation (DFM) service achieves a beneficial use for natural gas, which would otherwise be burned onsite because it is too costly and complex to transport elsewhere. Compared to flaring, Crusoe’s process also achieves over 99% reductions in emissions of volatile organic compounds (VOCs), nitrogen oxides (NOx) and carbon monoxide (CO), which otherwise form smog.
“Crusoe is excited to announce this funding from a consortium of industry-leading technology investors. With their support, Crusoe is expanding our service offering to solve critical regulatory and environmental challenges for oil and gas operators,” said Chase Lochmiller, Co-Founder and CEO of Crusoe. “We are committed to building advanced technologies for flare mitigation that are capable of handling the large-scale gas throughputs required by today’s North American shale industry. Crusoe’s technology harnesses otherwise wasted energy for growing industries that require energy intensive computing, such as blockchain and artificial intelligence.”
