Crusoe Energy Systems LLC announced its acquisition of operating assets of Great American Mining (GAM). The acquisition incorporates Great American Mining’s operations into Crusoe’s DFM systems to utilize wasted and stranded energy resources to enable energy-intensive computation and power modular data centers. The acquisition assists in the hastening of Crusoe’s Digital Flare Mitigation (DFM) business through customer relationships and additional scale while facilitating the firm to cause a reduction in the impact of natural gas flaring using Crusoe’s large-scale advanced operational capabilities and patented Digital Flare Mitigation. Under the terms of the agreement between both firms, Crusoe added an operational capacity of over 10 megawatts (MW) and around 4,000 ASIC computing systems.
The firm was also able to add commercial relationships with various large-scale producers of energy in Montana and the Bakken region of North Dakota. There will be twenty-four specialized based between GAM’s Ponchatoula, LA workshop, and Crusoe’s Denver, CO headquarters and field operational sites. Crusoe further adds the manufacturing facility in Ponchatoula, LA will be used as Crusoe’s new research and development (R&D) facility.
Crusoe’s Co-Founder and Chief Executive Officer, Chase Lochmiller states that the company values the relationship instituted by oil and gas producers in the Bakken oil fields with Great American Mining. The firm also looks forward to developing relationships to improve and enrich Digital Flare Mitigation operations where flaring becomes a challenge. He also adds that the firm believes that it can materially improve the performance of Great American Mining’s existing asset base to generate value and deliver better results for its clientele with its scale, industry-leading operational capabilities, and technology.
The company’s acquisition of GAM’s assets will increase by around 10% of Crusoe’s capacity. It will have roughly about 125 flare gas-powered modular data centers operating and installed in the field. Todd Garland, Founder, and CEO of Great American Mining state that Great American Mining is bitcoin mining which is an important solution to stranded gas and flaring problems that have caused disturbances in the efforts of oil and gas industries to improve the efficient use of earth’s natural resources for many years and improve environmental performance.
He also added that the company is a trailblazing company that successfully lead and scaled extensive Digital Flare Mitigation technology and its operations. Crusoe is best positioned to take both the firm’s business to the next level, says Todd Garland
Following the acquisition the firm will have a run rate capacity to reduce flaring by around 20 million cubic feet per day and will have an employee count of around 300 across six states. Crusoe’s acquisition will also give a deployed capacity to reduce approximately 800,000 metric tons of carbon dioxide equivalent emissions in a year mainly through the eradication of uncombusted methane coming from open flares equivalent to removing an estimated amount of 170,000 cars from the road.
The firm closed a $350 million Series C equity from notable climate and technology venture capital funds in the month of April and the fundraising secured new capital to scale and speed up Crusoe’s positioning of Digital Flare Mitigation® technology throughout the United States as well as abroad in line with the company’s goal to align the future of the climate with future of computing.
About Crusoe Energy LLC
Crusoe exists to bring energy to ideas. The goal of the firm is to align the future of computing with the future of the climate. The company pioneers a clean computing infrastructure that causes a reduction in both the costs and the environmental impact of the world’s expanding digital economy. By unraveling stranded sources of energy to power crypto, cloud, and data centers, the company is focused on creating the future of compute-intensive innovation that causes a significant reduction in emissions rather than adding to them.
