Crusoe Energy Systems plans to expand its Denver headquarters by up to 286 jobs in coming years, the company announced Tuesday.

Founded in 2018 by two Kent Denver graduates, Crusoe “pioneered a cost-effective way to capture flaring and environmentally harmful emissions associated with oil and gas extraction, and convert those byproducts into electricity,” according to a release.

Colorado’s Office of Economic Development and International Trade made the decision easier with up to $3.83 million in job growth incentive tax credits over the next eight years.

The City of Denver’s Economic Development and Opportunity Office contributed $70,000 in tax credits as well.

“Colorado is an excellent place to build a company, particularly one that draws on talent pools from the energy and technology industries,” said Cully Cavness, president and co-founder of Crusoe.

“Colorado’s talented workforce and continued support of environmentally oriented energy innovators were important factors in our decision to double down in Denver.”

Company officials were also checking out Nebraska, Montana and North Dakota, but ultimately chose Colorado because of its proximity to existing operations that Crusoe services in several area basins. Its employment level stands at 58 currently, with 20 of those in-state.

The new jobs are expected to pay an average salary of $122,795 for positions such as operations, engineering, safety, environmental, accounting, finance, legal, human resources, technology, business development and sales/marketing.

The company has been riding a wave of success on its “cleantech” technology as it recently closed on $128 million Series B equity financing led by Valor Equity Partners and Lowercarbon Capital, DRW Venture Capital, Founders Fund, Bain Capital Ventures and others.

Company officials said they’d use the additional capital to implement “low-cost computing infrastructure needed to support this cleantech technology” at sites it services.

“Companies like Crusoe Energy represent the forward-thinking environmental innovation that will help Colorado achieve our ambitious energy transition and economic goals,” said Gov. Jared Polis in a statement.

“These 280 high-quality jobs are a great example of the opportunities available when we unlock the power of clean energy technologies. We are proud to have this homegrown company continue to expand in Colorado.”

The company currently has offices on the fourth floor of 1641 California St.