Bitcoin miner Crusoe Energy Systems has acquired electrical manufacturer Easter-Owens Electric Co after many years of cooperation between both companies.
According to an announcement on June 22nd, Crusoe purchased Easter-Owens to vertically integrate the company. The Bitcoin miner will integrate Easter-Owens’ data center design and manufacturing capabilities. Notably, Crusoe has been trying to vertically integrate significant operational capabilities in digital technologies, climate-backed power sourcing, and modular infrastructure systems. The company started its integration strategy by uniquely approaching power generation installation. It also began owning and controlling large-scale power generation systems that are backed by wasted and flared natural gas.
Over time, Crusoe has expanded its integrated business operations to include networking systems, software, power generation, and specialized maintenance capabilities. Others are logistics, electrical systems, trading, and more. In April, the company raised $505 million in a Series C financing round to support its mining operations. Specifically, the company generated $350 million in equity financing and an additional $155 million in corporate credit capacity.
Crusoe Announces Acquisition of Easter-Owens Electric Co
As Crusoe acquires Easter-Owens, the former intends to expand the latter’s employee base. Nearly 70 Easter-Owens’ employees will join the Crusoe team, which consists of almost 172 talents. Additionally, Crusoe will onboard more staff and invest in technology and equipment to boost Easter-Owen’s output. The Bitcoin miner will also expand the technologies and facilities to enhance the growth of its Digital Flare Mitigation, Cloud, and other data center operations. Under the new deal, Crusoe will further support the third-party manufacturing business that belongs to Easter Owens.
Crusoe’s President, Chief Operating Officer, and Co-Founder, Cully Cavness, commented on the Easter-Owens acquisition. He believes that Crusoe integrating Easter-Owens’ design and manufacturing capabilities will birth “many strategic opportunities.” The President continues by expressing his respect for the Easter-Owens team. Furthermore, Cavness assured employees joining the Crusoe team of the company’s commitment. He also promised a secured, rewarding, and fulfilling future.
While Crusoe has become a top America Bitcoin validator since its inception in 2018, Crusoe was founded in 1955 and has provided fabrication services to renowned businesses and governments. Crusoe will continue to build on the solid foundation laid by Easter-Owens. The duo will work together throughout the integration process. Easter-Owens CEO Dave Easter also spoke on the development:
“Cully, Chase and the Crusoe team are building an innovative and important business in our hometown of Denver that aligns with the values and culture of Easter-Owens and the Easter family. I am very happy that Easter-Owens’ team will be part of this fabulous company and couldn’t be more excited for their future with the Crusoe family. I look forward to helping ensure a smooth and successful transition for all involved.”
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.