Crusoe Energy Systems, Inc., a Denver, CO-based technology driven flare mitigation provider, completed a $4.5m seed financing round.
The round, which brought total funding to $5.1m, was led by Bain Capital Ventures and Founders Fund Pathfinder, with participation from Wicklow Capital, Winklevoss Capital and Dragonfly Capital Partners.
The company intends to use the funds to accelerate production of its centers.
Led by Chase Lochmiller, Co-Founder and CEO, Crusoe Energy Systems develops mobile modular data centers that provide large-scale flare mitigation service for oil and gas operators across North America.
The DFM systems are designed as modular, portable, containerized data center units, which can be deployed and commissioned in a matter of days to quickly reduce or eliminate flaring. They are scalable up to millions of cubic feet per day and can be deployed anywhere in the United States or Canada.
The system enable oil and gas producers to transform their wasted natural gas into electrical power at the wellsite, eliminating the need for gas flaring and reducing environmentally harmful emissions.
Crusoe currently has flare mitigation projects operating or under development in North Dakota’s Bakken oilfield, Wyoming’s Powder River Basin oilfield, and Colorado’s Denver-Julesburg oilfield.