The APEX Award winner eyes 286 new Colorado jobs to keep pace with high demand
DENVER -- Crusoe Energy, the locally based energy and technology innovator founded by two Kent Denver graduates, has announced plans to grow its Denver headquarters, expanding their footprint and creating 286 new high-paying jobs in Colorado. The company, founded in 2018, currently has 58 employees, 20 of whom are in Colorado.
Crusoe has pioneered a cost-effective way to capture flaring and environmentally harmful emissions associated with oil and gas extraction, and convert those byproducts into electricity for use in modular, mobile data centers deployed directly to the well site. To meet the explosive demand for this cutting-edge technology, Crusoe will expand its headquarters to support the company’s multi-basin operations. Positions will include operations, engineering, safety, environmental, accounting, finance, legal, human resources, technology, business development and sales & marketing. The average annual salary for these positions is expected to be $122,795 -- 171 percent of Denver County’s average annual wage.
“Companies like Crusoe Energy represent the forward-thinking environmental innovation that will help Colorado achieve our ambitious energy transition and economic goals,” said Governor Jared Polis. “These 280 high-quality jobs are a great example of the opportunities available when we unlock the power of clean energy technologies. We are proud to have this homegrown company continue to expand in Colorado.”
Crusoe Energy Systems Inc. recently closed a $128 million Series B equity financing led by Valor Equity Partners with participation from Lowercarbon Capital, DRW Venture Capital, Founders Fund, Bain Capital Ventures, Coinbase Ventures, Polychain Capital, KCK Group, Upper90, Winklevoss Capital, Exor, Zigg Capital and JB Straubel, the co-founder and former CTO of Tesla and founder and CEO of Redwood Materials. The company also secured a non-dilutive $40m project financing facility from Upper90 in addition to the new equity capital. This combined funding will help expand Crusoe’s operations and assist with the delivery of low-cost computing infrastructure needed to support this cleantech technology.
“Colorado is an excellent place to build a company, particularly one that draws on talent pools from the energy and technology industries,” said Cully Cavness, President and Co-Founder of Crusoe. “Colorado’s talented workforce and continued support of environmentally-oriented energy innovators were important factors in our decision to double down in Denver.”
In addition to the State Job Growth Incentive Tax Credit, Crusoe received support from the Denver Economic Development and Opportunity Office and the Metro Denver Economic Development Corporation.
Colorado competed with Nebraska, Montana, and North Dakota for Crusoe’s headquarters. Key decision-making factors were proximity to their existing operations, ability to hire locally or attract the necessary talent, and the total annual cost of operations.
To learn more about Crusoe Energy or see a list of job opportunities, please visit the company website.
About Crusoe Energy Systems Inc.
Crusoe Energy Systems provides innovative solutions for the energy industry. By converting natural gas to energy-intensive computing, Crusoe’s Digital Flare Mitigation® service delivers an environmentally sound way to create a beneficial use for otherwise wasted natural gas. Crusoe has deployed flare mitigation projects in Wyoming’s Powder River Basin oilfield, Colorado’s Denver-Julesburg oilfield and North Dakota and Montana’s Bakken oilfield. Systems are scalable up to millions of cubic feet per day and can be deployed rapidly to even the most remote locations.
About Colorado Office of Economic Development and International Trade
The Colorado Office of Economic Development and International Trade (OEDIT) works with partners to create a positive business climate that encourages dynamic economic development and sustainable job growth. Under the leadership of Governor Jared Polis, we strive to advance the State’s economy through financial and technical assistance that fosters local and regional economic development activities throughout Colorado. OEDIT offers a host of programs and services tailored to support business development at every level including business retention services, business relocation services, and business funding and incentives. Our office includes the Global Business Development division; Colorado Tourism Office; Colorado Outdoor Recreation Industry Office; Colorado Creative Industries; Business Financing & Incentives division; the Colorado Small Business Development Network; Colorado Office of Film, TV & Media; the Minority Business Office; Employee Ownership Office; and Rural Opportunity Office. Learn more at oedit.colorado.gov.