CEO Spotlight: Cully Cavness of Crusoe Energy Systems
Cully Cavness, President & Co-Founder
Cully is an energy entrepreneur with a passion for innovative environmental solutions. As the Co-Founder and President of Crusoe Energy Systems, he has led the creation of a new category of energy and environmental service called Digital Flare Mitigation. Digital Flare Mitigation converts wasted or flared natural gas into high-powered computing by deploying modular, mobile, gas-powered data centers directly in the oilfield, and reduces flaring by millions of cubic feet per day.
Cully was formerly Vice President of Finance at Highlands Natural Resources, a private equity-sponsored exploration, and production company with operations in Colorado and Montana. While at Highlands, Cully's role included responsibility for commodities sales and marketing, which exposed him to the industry's challenges with flaring. Prior to Highlands, Cully was an energy investment banker at Petrie Partners and before that, he was Business Development Manager at Global Geothermal, a renewable power plant developer. Cully holds an undergraduate degree in geology from Middlebury, an MBA from Oxford, and completed a Thomas J. Watson Fellowship researching the "triangle of E's" (Energy-Environment-Economics) principally in China, Iceland, Spain, and Argentina. Cully is an avid endurance athlete and has completed various ultra long-distance events including IronMan Zurich, North Face Endurance Challenge, and the Death Race.
Please describe what your company does today.
Crusoe provides oil and gas companies with an environmentally and economically beneficial solution to routine natural gas flaring. Crusoe deploys Digital Flare Mitigation systems to capture natural gas that would otherwise have been wasted and repurposes it to power energy-intensive computing directly at the wellsite. By diverting the natural gas from flares, Crusoe is able to dramatically reduce greenhouse gas emissions and energy waste.
How has Crusoe Energy Systems been impacted by the current pandemic?
2020 was a challenging year for the oil and gas industry due to record low oil prices. At the same time, there is a growing demand for environmentally sound production practices from both regulators and investors. Crusoe is well positioned directly in this juxtaposition to provide operators with a low or no-cost solution to natural gas flaring which is mutually beneficial to both parties.
What aspect of your team or company culture are you most proud of, and how are you maintaining it?
Over the past year, our team has grown from 10 employees to 50 employees, most of whom joined during the pandemic. Despite the challenges associated with onboarding new team members virtually, I am proud Crusoe has been able to retain a cohesive company culture aligned with our mission and values. To be able to connect with 50 employees across several states has been difficult but extremely rewarding to watch.
What is the most important thing you're working on right now, and how are you making it happen?
The most important thing we are focusing on right now is our fundraising efforts for our Series B. We are beginning to raise our next equity round to continue to expand Crusoe’s existing Digital Flare Mitigation footprint as well as to grow other facets of our business including new power sources and clean cloud computing.
What is the best piece of advice you’ve received as a CEO?
Be less Superman and more Yoda.
What has been the most meaningful aspect of your engagement with the Blackstone Entrepreneurs Network?
The new relationships and connections created through BEN have been very valuable. My BEN advisors have been able to connect us with recruiting candidates, consultants, executive coaches, and a range of other resources and talent to take Crusoe to the next level.