Winklevoss Capital invests in company that uses excess natural gas to power cryptomining

Crusoe Energy Systems raised $4.5 million in seed round funding led by Bain Capital Ventures and Founders Fund Pathfinder. The company’s investors also include Winklevoss Capital Management. Crusoe helps oil and gas producers to eliminate gas flaring, thus reducing harmful emissions. Reducing flaring in turn reduces reduce emissions of volatile organic compounds, nitrogen oxides, and carbon monoxide by up to 99%.



Crusoe will transform excess natural gas into electrical power and set up small data centers near well sites to mine cryptocurrencies. Crusoe's co-founder and CEO Chase Lochmiller said "Crusoe’s technology harnesses otherwise wasted energy for growing industries that require energy-intensive computing, such as blockchain and artificial intelligence.”