Crusoe Energy Systems has announced that it has successfully completed a $4.5 million seed financing round, with participation from Blockchain Investors Winklevoss Capital and Bain Capital, plus others.
One possible reason why reason Crusoe has amassed significant capital from major players in the blockchain space is that wasted natural gas can be used to power all blockchain-based data centers and cryptocurrency mining rigs.
Crusoe Energy Systems is the business behind Digital Flare Mitigation which delivers an environmentally sound way to use otherwise wasted natural gas. It does this by converting the waste gas to energy intensive computing. It solves the gas flaring challenge facing shale oil gas producers, whereby State-level regulators are tightening rules around flaring and the associated air quality issues. Considering that data for 2017 shows that enough gas was flared to power more than 7 million U.S. homes, there seems a lot of waste that could be put to use.
This investment will be used to accelerate production of Crusoe’s mobile modular data centres for large scale flare mitigation.
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.