Polychain Capital Leads $4.3 Million Funding Round for Vespene Energy to Pioneer Carbon-Negative Bitcoin Mining
Vespene Energy, a methane mitigation startup, has completed a $4.3 million fundraising round led by Polychain Capital and backed by several climate-focused funds.
Vespene installs extremely efficient micro-turbines on municipal landfills to convert waste gas into electricity for a range of on-site applications, the first of which will be Bitcoin mining data centres. Vespene's readily deployable and highly scalable technology enables municipal landfill operators to monetise an otherwise stranded asset while lowering harmful greenhouse gas emissions.
Olaf Carlson-Wee, Founder & CEO of Polychain Capital, said:
"The continued adoption of Bitcoin will benefit from solutions that make the energy mix for mining more focused on clean energy. We are excited to partner with Vespene as they build a creative solution to use mining to eliminate a potent greenhouse gas source while making its energy mix greener."
Vespene Energy Co-Founder & CEO Adam Wright said:
"Our goal is to mitigate a major source of greenhouse gas emissions and help fuel the transition to a renewable energy future by using Bitcoin mining to turn landfill methane streams into revenue streams for our customers. And because our sites require no connection to the grid or pipeline buildout, we can rapidly turn otherwise harmful and wasted landfill methane into a clean power source for carbon-negative Bitcoin mining. This partnership with Polychain will empower us to scale and seize this tremendous opportunity to help solve the climate crisis."
In the first 20 years after its release, methane is 84 times more potent than carbon dioxide. According to the EPA, landfills account for 15% of U.S. methane emissions, but a recent NASA investigation indicates these estimates may be two to three times higher. Due to high prices and long lead times for grid-connected landfill energy projects, over 70% of the country's 2,600 municipal landfills have no use for their methane.
Vespene's unique technique allows landfill operators to be ahead of EPA obligations to cut methane emissions, while Bitcoin mining provides a near-term revenue stream.
Vespene's unique approach enables on-site vehicle charging, fleet electrification, and grid interconnection. Bitcoin mining requires cheap, abundant energy. By using discarded methane to power Bitcoin mining, Vespene reduces GHG emissions and helps shift Bitcoin mining to carbon-neutral or carbon-negative energy sources.
Vespene will launch its pilot facility in California, making it the first startup to turn landfill methane into Bitcoin.
Source: PR Newswire