Bitcoin miner Crusoe acquires electrical manufacturer Easter-Owens
Quick Take
- Crusoe Energy Systems announced the acquisition of Easter-Owens Electric Co., a company that manufactures electrical systems and modular data centers.
- The move will help the Denver-based miner speed up and optimize some of its operations.
- Crusoe is working on a pilot mining project with Exxon.
Bitcoin miner Crusoe Energy Systems has acquired electrical manufacturer Easter-Owens Electric Co in a bid to vertically integrate the company.
The Denver-based miner operates modular 100 data centers, using natural gas that would otherwise be flared.
Easter-Owens's acquisition will allow Crusoe to optimize manufacturing throughput, capacity, cost, quality and supply chains, the company said Wednesday. It will also help speed up the process of prototyping new data center systems.
“Crusoe and Easter-Owens have worked together closely for several years, and we see many strategic opportunities through the integration of Easter-Owens’ design and manufacturing capabilities into Crusoe’s business,” said Crusoe’s co-founder and CEO, Cully Cavness.
Easter-Owen's employee base of more than 70 will be integrated into the Crusoe team, per a press release. The financial terms of the deal were not disclosed.
Crusoe recently raised $505 million in a Series C round to accelerate the growth of its mining operation. At the time, the company said that it planned to expand its workforce to 250 people by the end of the year.
The company started a pilot project in North Dakota with oil and gas behemoth Exxon. It involves converting gas into power mobile generators used for mining operations on-site.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
