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Although crypto funding may be feeling some of the effects of a down market, one of the key underpinnings of the industry seems to be doing well.

Denver-based Crusoe Energy Systems, which helps power bitcoin mining, closed a $350 million Series C equity round led by G2 Venture Partners, as well as credit facilities of up to $155 million with SVB Capital, Sparkfund and Generate Capital.

Crusoe is now valued at $1.75 billion, according to The Information.

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The common complaint against bitcoin mining is its high energy consumption. Crusoe is one of several companies trying to make the process greener. The company helps power mining by harnessing natural gas that is typically burned during oil extraction—a process called flaring. That natural gas is then used to power the data centers needed for mining right at the drilling site.

Crusoe said the new cash will enable the company to “deploy large scale bitcoin mining and cloud computing infrastructure while maintaining excellent balance sheet strength and credit quality.”

Just last month, CNBC reported the U.S.’s biggest oil producer, ExxonMobil, had already been partnering with Crusoe in North Dakota since early 2021 to help slash emissions.

According to Crunchbase data, Crusoe has raised nearly $750 million since being founded in 2018.

Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

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