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Crusoe Energy Holdings Inc.
Crusoe Energy, co-founded by Chase Lochmiller and Cully Cavness, turns stranded natural gas into compute power for Bitcoin mining and AI.
Crusoe Energy Holdings Inc.
Crusoe Energy was founded in 2018 by Chase Lochmiller and Cully Cavness, deploying modular data centers at oil and gas wellheads to capture natural gas that would otherwise be flared. The firm targets a structural inefficiency: stranded energy assets where flaring is regulated or taxed, converting that energy into compute for Bitcoin mining and, increasingly, AI training. Asset-class mix includes digital asset mining, high-performance computing infrastructure, and AI cloud services. Crusoe has deployed capital across direct infrastructure builds and co-investment structures, partnering with energy producers in the Bakken, Permian, and Marcellus basins. Known deployments include a large-scale Bitcoin mining facility in North Dakota and a partnership with ExxonMobil to flare its gas. The firm's Geographic footprint spans the United States and includes operations in the Middle East. Crusoe has raised over $1.5B from institutional investors including Fidelity, Polychain Capital, and Bain Capital Ventures. The team is approximately 300 employees, with offices in Denver and Washington, DC. In April 2024, the firm announced a $500M debt facility from a syndicate of lenders to expand its AI-focused data center fleet (per Reuters, April 2024). The firm's structural differentiator is the dual-use model: it monetizes stranded energy first through Bitcoin mining, then repurposes the same infrastructure for high-value cloud computing. This two-stage revenue strategy makes Crusoe less dependent on any single output price and turns a regulatory liability (flared gas) into a compute asset.
General information
Firm type
Asset Manager
Year founded
2018
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Denver
Corporate office
Denver, CO, United States
Additional offices
Washington, DC, United States
Principals
Chase Lochmiller
CEO & Co-Founder
Cully Cavness
President & Co-Founder
Sector focus
Frequently asked questions
Who runs investment decisions at Crusoe Energy?
CEO and co-founder Chase Lochmiller leads overall strategy and investment decisions alongside president and co-founder Cully Cavness. Lochmiller previously co-founded a venture capital firm focused on blockchain and energy. The firm operates with a lean decision-making structure typical of infrastructure-focused ventures.
How does Crusoe Energy source proprietary deal flow?
Crusoe sources deals through direct relationships with oil and gas producers who face flaring regulatory pressure. The firm's modular data center design allows it to deploy rapidly at wellhead locations where traditional data center construction is infeasible. Partners include ExxonMobil and various midstream operators (per public announcements).
Is Crusoe Energy structured as a single family office or a venture-backed C-corp?
Crusoe is a venture-backed C-corporation, not a family office. The firm is headquartered in Denver and has raised institutional capital from Fidelity, Polychain Capital, Bain Capital Ventures, and others. It operates as a for-profit infrastructure developer with a climate-oriented mission.
Does Crusoe participate in fund commitments or only direct deals?
Crusoe executes direct deals, primarily building and operating its own infrastructure. It does not manage third-party capital as a fund manager. The firm's investment thesis involves constructing data centers at its own cost and earning revenue through compute services.
What investment stages does Crusoe Energy typically target?
Crusoe targets late-stage venture and infrastructure-stage deployments. The firm's projects involve multi-year contracts with energy partners and capital-intensive data center builds. It has raised both equity and debt financing for specific projects.
Which sectors does Crusoe Energy explicitly avoid?
Crusoe avoids sectors unrelated to energy infrastructure or digital compute. It does not invest in financial services, real estate, or traditional manufacturing. The firm's focus is exclusively on converting stranded energy into computational work.
How is Crusoe Energy related to its co-founders' previous ventures?
Chase Lochmiller previously co-founded the venture capital firm BittWare and has a background in high-performance computing. Cully Cavness came from the oil and gas industry. Crusoe was built on their combined expertise in energy production and digital systems.
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