Acquisition will enable greater manufacturing capacity, supply chain control and flexibility in support of scaling Crusoe’s Digital Flare Mitigation®, Crusoe Cloud™ and other data center operations
DENVER, June 22, 2022--(BUSINESS WIRE)--Crusoe Energy Systems LLC (Crusoe) today announces that it has acquired Denver-based Easter-Owens Electric Co. (Easter-Owens), the manufacturer of modular data centers and specialized electrical systems. The acquisition follows several years of close cooperation between the companies as Crusoe has optimized and scaled its fleet of modular data centers that eliminate natural gas flaring and related emissions. The acquisition of Easter-Owens represents an extension of Crusoe’s existing strategy to vertically integrate key operational capabilities across climate-aligned power sourcing, modular infrastructure systems and digital technologies.
Crusoe looks forward to investing in and expanding Easter-Owens’ existing employee base, technologies and facilities to accelerate the expansion of Crusoe’s Digital Flare Mitigation®, Crusoe Cloud™ and other data center operations. Crusoe was recently ranked as the No. 1 best small company to work for in Colorado by The Denver Post.
Approximately 70 Easter-Owens employees will be welcomed as the newest additions to Crusoe’s team of approximately 172 talented individuals. Anyone interested in joining Crusoe’s diverse, talented and mission-driven team can learn more at crusoeenergy.com/careers
The acquisition enhances Crusoe’s ability to manage manufacturing throughput, capacity, cost, quality, and supply chains while adding new capabilities for rapid prototyping and data center systems innovation
Crusoe plans to invest in additional staff, equipment and technology to enhance the output and operations of the acquired business as Crusoe scales
The leased facilities consist of two large buildings for manufacturing and one smaller storage related building for a total square footage of 87,322 in addition to a significant portfolio of manufacturing equipment and systems
Crusoe will continue to support Easter-Owens’ third party manufacturing business including fulfillment of all existing orders
Crusoe’s integration strategy began with a unique approach to power generation by installing, owning and operating large-scale power generation systems fueled by otherwise wasted and flared natural gas. Today Crusoe’s integrated business operations extend across power generation, networking systems, data center automation, software, trading, risk management, logistics, specialized maintenance capabilities, electrical systems, data center design and fabrication, among other areas.
"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, President and Chief Operating Officer, Cully Cavness. "I have a great deal of respect for the Easter family and know that the decision to sell their business was made with much care and attention to the culture and mission of the acquiring company. On behalf of the Crusoe team, we are honored to have been selected. To the Easter-Owens employees joining Crusoe, I want to communicate our commitment to help you integrate successfully into our team and to make your future here safe, rewarding and fulfilling."
Crusoe currently operates approximately 100 modular data centers that consume otherwise flared natural gas across Montana, North Dakota and Colorado and has planned expansions to additional domestic and international areas of operation, as well as new carbon-reducing power sources. Since launching in 2018, Crusoe has become a leading American Bitcoin validator and in 2022 launched Crusoe Cloud®, a cloud computing platform optimized for energy-intensive High-Performance Computing ("HPC") workloads. Crusoe’s combined growth plans will require a significant ramping in data center fabrication, which will be supported by the facilities acquired through Easter-Owens.
Easter-Owens is a third-generation family business with a storied history in the Denver community and the electrical design and fabrication industry and has been a major supplier to Crusoe since 2020. Easter-Owens has provided high quality fabrication services for businesses and governments since its founding in 1955. Crusoe, founded by two Denver natives, aims to expand upon the strong foundation laid by the Easter family. The Easter family will assist and consult with Crusoe’s management team throughout the integration process.
"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," said Easter-Owens’ CEO, Dave Easter. "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."
About Crusoe Energy Systems Inc.
Crusoe is on a mission to align the future of computing with the future of the climate. We are the pioneers of clean computing infrastructure that reduces both the costs and the environmental impact of the world’s expanding digital economy. By unlocking stranded sources of energy to power crypto, cloud and data centers, we are creating the future of compute-intensive innovation that reduces emissions rather than adds to them. The world’s appetite for computation, energy, and progress will never stop growing. Crusoe is here to bring energy to ideas in ways that are aligned with the needs of our climate.
Please reach out to Holly Gordon: hgordon@crusoeenergy.com or visit www.crusoeenergy.com to learn more, and follow Crusoe on Linkedin and Twitter.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220622005955/en/
Holly Gordon hgordon@crusoeenergy.com
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