Crusoe also closed credit facilities, expandable to up to $155 million.

The company will use the new funds to expand its “Digital Flare Mitigation” technology across the U.S. and internationally, as well as launch a new cloud computing platform, called CrusoeCloud, where energy-intensive High-Performance Computing (HPC) systems will be powered by flare gas and renewable energy sources.

[Crusoe] recently was recognized for its “innovative” solution to generating energy by the World Bank’s Global Gas Flaring Reduction Initiative report,

Crusoe is reportedly working on a pilot project with Exxon (XOM) to use flared gas at the energy giant’s North Dakota oil wells to power bitcoin mining operations.

“If you’re utilizing energy that’s going to just go into waste anyway, you might as well use it,” Valkyrie Chief Investment Officer Steven McClurg told CoinDesk. Adding that he is “a big fan” of using flared natural gas, when asked if this source of energy is among the best sustainable energy used by miners.

The new raise would be among one of the largest funding rounds for a privately held crypto mining company.