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Classified in: Oil industry, Environment, Business
Subject: FNC

Compass and Northbase Finance Partner with Crusoe Energy Systems to Deploy US$20 million of Digital Flare Mitigation Systems


CALGARY, Alberta, Sept. 29, 2020 /CNW/ -- Compass Energy Systems (Compass) and Northbase Finance (Northbase) have partnered with Crusoe Energy Systems (Crusoe) to build and finance approximately US$20 million of power generation systems for the expansion of Crusoe's Digital Flare Mitigation® ("DFM") technology. The investments are projected to reduce natural gas flaring by approximately 1.7 billion cubic feet/year and CO2 equivalent emissions by up to 60,000 tons/year.

Compass designs and fabricates compression packages, process systems and power generation units for the energy industry, worldwide. Northbase is an unmatched capital solutions provider that helps energy and power producers obtain much-needed, flexible financing for essential infrastructure assets. Crusoe captures otherwise wasted or "flared" natural gas in the oilfield, and converts the gas to electricity, which is consumed in on-site mobile, modular data centers. Crusoe deploys and operates its DFM systems directly at the well site in oilfields where gas is flared due to pipeline constraints or delayed infrastructure development.

"Our partnership with Crusoe is part of a larger commitment to innovation and the future," said Compass President, John Forgeron. "Crusoe's technology and team have proven to be best in class among flare mitigation solutions, which made this an easy decision when evaluating a long-term partnership."

During 2020, Crusoe has deployed millions of cubic feet/day of flare mitigation capacity. The firm has installed more than 30 modular computing systems powered entirely by gas that was otherwise being burned in the air as a waste product. Crusoe's solution offers a low or no cost solution to flaring. The systems are modular and scalable, which allows Crusoe to mitigate flaring at almost any scale from tens of thousands to millions of cubic feet/day.

"The opportunity set for infrastructure investors is changing," said Dean Willner, CEO, Northbase. "Crusoe is a great example of a distributed infrastructure investment with ESG and technology components that we look for, but rarely find in such a rapidly scalable format."

Compass has delivered more than 20 megawatts of packaged power generation systems to Crusoe's DFM projects and will deliver another 10 megawatts by the end of 2020. With over 125,000 sq. ft. of facilities, Compass provides a single-source solution for power generation systems and technical capabilities to support Crusoe.

"Compass' facilities are state of the art, their power generation packages have been reliable, and their staff is extremely helpful to our teams in the field," said Chase Lochmiller, Crusoe CEO. "We have big ambitions to make a real impact on the global flaring problem, and we couldn't achieve the large capacities and deployment scales required without Compass and Northbase."

About Crusoe

Crusoe provides innovative solutions for the energy industry. By converting natural gas to energy-intensive computing, Crusoe's Digital Flare Mitigation® service delivers an environmentally sound way to create a beneficial use for otherwise wasted natural gas. Systems are scalable up to millions of cubic feet/day and can be deployed anywhere in the U.S. or Canada. Crusoe is funded by technology-oriented venture capital firms including Bain Capital Ventures, Founders Fund, Winklevoss Capital and others.

About Compass

Compass is a privately-owned company, established in 2001, that specializes in designing and fabricating top-quality, natural gas compression and process package systems for the energy industry. Over the last two decades, Compass has evolved and grown into a diverse company with five integrated and complementary business divisions (compression, process, retrofit, rentals, parts+service) providing products and services to energy companies around the world.

About Northbase Finance

Northbase is a strategic partnership between Compass Energy Systems and Grafton Asset Management, that leverages capital from financing partners, to provide producers and operators flexible capital solutions for essential infrastructure assets.

Contacts:
Crusoe: Chase Lochmiller, CEO & Chairman / Cully Cavness, President, info@crusoeenergy.com        

Compass: John Forgeron, President, Compass, info@compassnrg.com

Northbase: Dean Willner, CEO, Northbase, info@northbasefinance.com

 

SOURCE Compass


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