Crusoe Energy Systems, Inc., a Denver, CO-based technology-driven flare mitigation provider, raised $70m in new capital.
This included $30m in equity funding and $40m in project financing.
The $30m equity round was led by existing investor Bain Capital Ventures and new investor The KCK Group with additional participation from Founders Fund, Winklevoss Capital and Polychain Capital.
The $40m project financing was led by New York-based credit fund Upper 90.
Bain Capital Ventures and KCK Group will join the Crusoe board alongside the company’s co-founders.
The company intends to use the funds for the rapid expansion of its proprietary Digital Flare Mitigation™ (“DFM”) technology and services.
Led by Chase Lochmiller, CEO and co-founder, Crusoe Energy Systems provides innovative solutions for the energy industry. By converting natural gas to energy-intensive computing, the company’s Digital Flare Mitigation™ service delivers an environmentally sound way to create a beneficial use for otherwise wasted natural gas. Crusoe currently has flare mitigation projects operating in Wyoming’s Powder River Basin oilfield, Colorado’s Denver-Julesburg oilfield and North Dakota and Montana’s Bakken oilfield.