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Oman’s sovereign wealth fund took an equity stake in a U.S. firm that helps fossil-fuel producers cut flaring by using stranded natural gas to power cryptocurrency mining instead.
Oman Investment Authority was part of the $350 million equity round that Crusoe Energy Systems Inc. raised in April, according to a statement. Ismail Ibrahim Al-Harthi, senior manager of technology investments at Oman Investment Authority, said the firm’s policy doesn’t comment on the size of stakes. Crusoe also declined to reveal terms.
Denver-based Crusoe will open an office in Muscat, Oman, to help deploy power generators and mining equipment for capturing gas at well sites, said Chief Executive Officer Chase Lochmiller. The Middle East and North Africa account for about 38% of the world’s flaring -- the burning of excess natural gas from oilfields. The practice has come under fire for releasing harmful greenhouse...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...