CleanSpark Announces Multi-Unit Switchgear Order for Commercial Microgrids

Rhea-AI Summary

CleanSpark, Inc. (Nasdaq: CLSK) has secured a new purchase order exceeding $1,500,000 from a Texas-based microgrid developer, to supply ATS solutions. The order will support the world's largest retail chain, enhancing operational resilience during power outages. CEO Zach Bradford emphasized the growing demand for microgrid solutions due to increased grid disruptions. This order aligns with CleanSpark's strategy of providing advanced energy technologies, alongside its Bitcoin mining activities, aiming for sustainable energy costs.

Positive

• Secured a purchase order worth over $1,500,000.
• Partnership with the world's largest retail chain to enhance operational resilience.
• Growing demand for microgrid solutions, indicating potential for future orders.

Negative

• None.

SALT LAKE CITY, Feb. 3, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), a diversified software and services company today announced that it has received a new purchase order from a Houston, Texas-based microgrid developer. CleanSpark has provided its ATS (automatic transfer switch) solutions to the developer and its customers for several years.

World's Largest Retailer to Deploy CleanSpark's Microgrid Switchgear.

The Company's switchgear units will be deployed alongside energy generation assets to provide resilient power and cost savings. The end-use customer is the world's largest retail chain, operating more than 11,500 locations worldwide. CleanSpark's ATS paired with other microgrid assets will help keep stores operational during utility outages.

This purchase order is expected to result in more than $1,500,000 of additional revenue for the Company. 

Zach Bradford, CleanSpark's President and Chief Executive Officer stated, "We are excited to continue to provide switchgear to support custom microgrid solutions for critical back-up power.  With the increasing frequency of grid disruptions, natural disasters and scheduled power-outages, the number of businesses relying on microgrids continues to rise. We anticipate additional switchgear orders from this customer and other partners, both as a result of the aforementioned events, as well as 'green' initiatives supported by the new administration that should pave the way for increased microgrid development."

Bradford concluded, "We believe the combination of our patented energy solutions together with our Bitcoin mining division, make us a true 'dual-threat' as we continue our rapid growth across all of our divisions. This order is a result of our focus on 'best-in-class' solutions, whether they result from hardware, software, residential or commercial initiatives. CleanSpark's unique approach to energy solutions are expected to continue to drive strong demand throughout our partnership networks. Recent announcements discussing our platform upgrades and additional distribution of our GridFabric software solutions are examples of this increased demand for our products and services."

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com.

Investors are encouraged to contact the Company at ir@cleanspark.com, or visiting the Company's website at https://ir.cleanspark.com/

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is in the business of providing advanced software and controls technology solutions to solve modern energy challenges.  We have a suite of software solutions that provide end-to-end microgrid energy modeling, energy market communications, and energy management solutions.  Our offerings consist of intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, and software consulting services. 

Through its wholly owned subsidiary ATL Data Centers LLC, CleanSpark owns and operates a data center that provides customers with traditional on-site and cloud-based data center services. The Company also owns and operates a fleet of Bitcoin miners producing over 200 PH/s in mining capacity. Capacity is expected to increase to over 300 PH/s in mining capacity in early 2021. CleanSpark plans to apply its energy technologies to these divisions with a goal of mining bitcoins at the lowest energy prices in the United States. For more information, visit https://ATL-DATA.com

Forward-Looking Statements:

CleanSpark cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on CleanSpark's current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by CleanSpark that any of our plans will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including, without limitation: the successful deployment of energy solutions for retail applications or other sectors, the fitness of our energy hardware, software and ither solutions for this particular application or market, the expectations of future revenue growth may not be realized, ongoing demand for our software products and related services, the impact of global pandemics (including COVID-19) on the demand for our products and services; and other risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in our Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact - Investor Relations:
CleanSpark, Inc.
Investor Relations
(801)-244-4405

 

View original content to download multimedia:http://www.prnewswire.com/news-releases/cleanspark-announces-multi-unit-switchgear-order-for-commercial-microgrids-301221158.html

SOURCE CleanSpark, Inc.

FAQ

What is the significance of CleanSpark's recent purchase order on February 3, 2021?

The purchase order is valued at over $1,500,000 and supports a major retail chain's microgrid systems, enhancing their operational resilience.

Who is CleanSpark's recent purchase order with?

The purchase order is with a Texas-based microgrid developer for the world's largest retail chain.

How will CleanSpark's ATS solutions benefit their customer?

The ATS solutions will help maintain store operations during utility outages, providing reliable power.

What are CleanSpark's future expectations from this purchase order?

CleanSpark anticipates additional orders due to increasing microgrid demand and green initiatives.

What role does Bitcoin mining play in CleanSpark's business strategy?

CleanSpark positions its Bitcoin mining division as a complementary part of its dual-threat strategy, combining energy solutions with mining.