Jun 06, 2024

A Letter from Crusoe’s Founders: Our 2023 Impact Report

A Letter from Crusoe’s Founders: Our 2023 Impact Report

In the year since we published our first ESG report, we have seen the world of AI and computing infrastructure transform. Today, we can use AI-based products to meaningfully increase efficiency, productivity, and capabilities across industries ranging from software development to creative arts to healthcare, manufacturing, energy, and beyond. AI appears increasingly likely to become the single greatest leap in human innovation during our lifetime.

Crusoe remains steadfast in our mission to align the future of computing with the future of the climate by supporting and scaling AI sustainably and responsibly. Goldman Sachs projects a 15% CAGR in data center power demand through 2030, driving data centers to consume 8% of total U.S. electrical power demand by the end of the decade, up from 3% today, resulting in an incremental 47 gigawatts of power generation capacity needed to support data centers. This growth is running headlong into broadly shared ambitions to reduce emissions from energy consumption to meet climate goals.

We believe it is possible to scale AI in a way that doesn’t derail goals to decarbonize or hinder the transition to a clean energy future. To minimize the environmental impacts of computing-led innovation, Crusoe takes an energy-first approach to developing a sustainable and cost-effective AI cloud platform. From expanding our computing infrastructure powered by otherwise flared gas to announcing a major geothermal and hydro-powered AI computing deployment in Iceland to significantly expanding our pipeline of renewables-based data center development sites, Crusoe is leading the way on climate-aligned computing AI infrastructure.

In 2023, we formally launched Crusoe Cloud, our GPU cloud computing platform powered by Digital Flare Mitigation® technology and renewable energy. Throughout the year, we invested heavily in the expansion of our portfolio of sustainable energy sources to continue to grow our AI-focused cloud platform. We also scaled our talent and human resources to further the continued expansion of Crusoe Cloud and Crusoe’s data center infrastructure. Going forward, Crusoe is well-positioned to support our customers in managing the ever-expanding scope and complexity of their computational needs.

Across our Cloud and bitcoin mining businesses, we grew to over 200 MW of deployed capacity in 2023. Approximately one-third of the energy consumed by Crusoe Cloud in 2023 was powered by DFM™ technology, and two-thirds were powered by 100% renewable energy at third-party data centers. We avoided over 680,000 metric tons of GHG emissions through the scaling of DFM™ technology, with 12 new project deployments in the U.S. for a total of 33, and prevented over 5.4 billion cubic feet of natural gas from flaring, avoiding over 8,500 metric tons of methane emissions. Further, we generated over 635,000 MWh of electricity by harnessing this stranded energy, which is energy that would otherwise be drawn from the grid.

Over the last year, Crusoe also continued to vertically integrate as an AI infrastructure company by bringing more of the energy, infrastructure, hardware and software functions in house. Vertical integration is part of Crusoe’s vision for delivering to customers a sustainable and low-cost way to train and operate AI models. That is why we have improved our manufacturing capabilities at Crusoe Industries to enable and accelerate Crusoe’s AI infrastructure.

2023 was no doubt a pivotal year for our business. And as we look to the future, it is clear that 2024 and 2025 will be transformative as well, not just for Crusoe but for the AI industry writ large. We will continue to invest in our employees, the communities in which we operate, and our partners in the pursuit of scaling our business and long-term impact.

Crusoe is transforming the system of computing infrastructure – from the energy that powers it, to the data centers that serve it, to our purpose-built AI computing stack that supports the work of innovators using Crusoe Cloud. Through our vertically-integrated approach, we are reimagining how large-scale AI computing should operate from the ground up.

None of this would be possible without the lasting commitment and dedication from our employees, our investors, our energy partners, our Cloud customers and other key stakeholders – many of whom have been with us from the beginning. We cannot begin to express our appreciation enough for the many people working tirelessly to bring our mission to life.

We are deeply grateful for the opportunity to continue to shape and scale the computing industry as we strive to always do more and do better.

Read the Full 2023 Impact Report Here.

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