RIYADH: Oman’s sovereign wealth fund has acquired a stake in a US company that helps fossil fuel producers reduce gas flaring by using stranded natural gas to power crypto mining, Bloomberg reported.
The Oman Investment Authority was part of the $350 million equity round that Crusoe Energy Systems — a technology-driven flare mitigation provider– raised in April, according to a statement.
Crusoe will open an office in Oman to help deploy power generators and mining equipment to capture gas at well sites, CEO of Crusoe Chase Lochmiller said.
“We’ve always felt it was important for us to have a presence in the MENA region,” given its share of global flaring, Lochmiller said. “Having the buy-in from nations that are actively trying to solve the flaring issues is what we are looking for.”