(Aug. 24, 2020) Crusoe Energy Systems Inc. (Crusoe) announced today that Matthew DeNezza joined as the Company’s Chief Financial Officer. DeNezza brings decades of financial and strategic leadership experience to the Digital Flare Mitigation® and distributed cloud computing company and will allow Crusoe to finance and build a new paradigm of ESG-forward energy and computing services for the oil and gas industry.
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“Matt brings a new level of experience and leadership to our fast-growing team and will help Crusoe access new funding streams and financing relationships. With Matt’s support and financing capabilities, we can scale Crusoe by orders of magnitude.”
DeNezza, Crusoe’s new CFO, said, “I have served as the CFO of a publicly traded upstream operator as well as a private equity sponsored midstream operator, and I have heard first-hand from investors that they need to solve environmental problems like flaring. Crusoe goes one step further and is creating innovative new business models with their oil and gas clients that unlock value from previously stranded or wasted resources. This is an innovation that I want to be a part of.” Crusoe is already accomplishing these goals at a significant scale, with more than 30 flare-powered computing modules deployed across North America’s oilfields. The Company is reducing flaring by millions of cubic feet per day, eliminating emissions in the process and creating a new source of value for both energy producers and compute resource users. DeNezza continued, “I am inspired by Crusoe’s mission, values, and business proposition. We will continue to build Crusoe into a novel, paradigm-shifting leader in both the energy industry and technology industries.”
Chase Lochmiller, Crusoe’s CEO and Co-Founder, said, “Matt brings a new level of experience and leadership to our fast-growing team and will help Crusoe access new funding streams and financing relationships. With Matt’s support and financing capabilities, we can scale Crusoe by orders of magnitude.”
Cully Cavness, Crusoe’s President and Co-Founder, said, “Early in our conversations with Matt, he recognized the need for today’s oil and gas operators to embrace novel, efficient environmental technologies like Digital Flare Mitigation as part of the industry’s response to environmental, social and governance (ESG) demands from investors and the public. As an industry insider who wants to make a difference and be part of the solution, Matt is well aligned with Crusoe’s mission and environmental goals.”
Prior to joining Crusoe, DeNezza served as the CFO of Meritage Midstream, a private equity-sponsored midstream firm operating in the Powder River Basin in Wyoming. Previous to his leadership role at Meritage, DeNezza was the CFO of Eclipse Resources, an early entrant into the Utica shale play. DeNezza joined Eclipse in 2013 where he and the senior management team rapidly grew the business, took the company public in 2014 and eventually merged the business to create Montage Resources Corporation in 2018.
DeNezza launched his finance career as an energy-focused investment banker, primarily at Deutsche Bank in New York City, where he worked from 2002 to 2013 serving both privately held and publicly traded upstream, midstream and downstream firms.
Prior to Deutsche Bank, DeNezza served his country in the U.S. Navy as a commissioned officer assigned to the USS Boise, a fast-attack nuclear submarine, from 1994 to 1998. He holds a BA from Harvard University and an MBA from NYU Stern School of Business and lives in Denver, Colorado with his wife and children.
About Crusoe Energy Systems Inc.
Crusoe Energy Systems 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. Crusoe has deployed flare mitigation projects in North Dakota, Montana, Wyoming and Colorado. Systems are scalable up to millions of cubic feet per day and can be deployed anywhere in the United States or Canada.
Background on Flaring
Natural gas flaring has become an acute pain point for shale oil producers, which produce natural gas as a byproduct of oil. This oil-associated natural gas production has outpaced gas pipeline infrastructure in many parts of the North American shale industry. In the absence of pipeline capacity, operators tend to burn natural gas in a process known as “flaring” or “combusting.” Approximately 335 billion cubic feet of natural gas are flared annually in the United States, according to latest 2017 data from the World Bank’s Global Gas Flaring Reduction Partnership (GGFR), which is enough gas to power more than 7 million U.S. homes. Flaring generates pushback from the public and policymakers, who increasingly raise environmental concerns around emissions, resource waste, visual impacts and air quality.
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