Once again, Abu Dhabi supports the Blockchain and Crypto space through Mubadala, an investment company that manages a diverse portfolio of assets and investments in the United Arab Emirates and abroad, to generate sustainable financial returns for its shareholder, the Government of Abu Dhabi.
Being spread across 6 continents, Mubadala has immensely grown and is now a business worth $284 billion (AED 1,045 billion), with interests across multiple sectors and asset classes, including blockchain and crypto.
The company is investing and partnering up with companies like Cursoe to create opportunities for future generations.
As mentioned in a previous article on UNLOCK, OIA is the one investing in the project. However, Crusoe Energy Systems Inc. has announced that it has secured funding from both, Oman Investment Authority and Mubadala Investment Company, two big sovereign funds, which will allow it to expand its technology to the Middle East, in hopes of reducing flaring in the region.
Knowing that flares usually emit an undeniable amount of uncombusted methane, the company’s 98 Digital Flare Mitigation data centers were able to prevent an estimated 2.5 billion cubic feet of flaring and attain 99.89% elimination of methane emissions.
In addition to that, its fleet of flare-eliminating data centers are able to reduce CO2-equivalent emissions estimated at 650,000 metric tons per year, which adds up to removing approximately 140,000 cars from the road.
According to businesswire, Chase Lochmiller, CEO and co-founder of Crusoe Energy Systems said, “Flaring is a global problem with a global impact. We’re excited to expand our Digital Flare Mitigation technology to the Middle East to help solve the region’s long-standing flaring challenges, while also empowering a new generation of digital technology in the region. OIA and Mubadala stand out as great partners that take a long-term view on tackling big problems. We’re very excited to work with them”.