CleanSpark, Inc. Announces Contract for Another Southern California Microgrid

Rhea-AI Summary

CleanSpark, Inc. (Nasdaq: CLSK) announced it secured a contract for a microgrid project in Southern California, expected to generate over $300,000 in initial revenue along with a long-term software subscription. The project aims to enhance economic optimization, resiliency, and cost savings through CleanSpark's patented mPulse controls platform, managing a Battery Energy Storage System paired with solar panels. CEO Zach Bradford emphasized the project’s quick execution timeline and CleanSpark's competitive advantage in energy management.

Positive

• Secured a contract for a microgrid project with expected initial revenues over $300,000.
• Long-term software subscription anticipated from the project.
• The mPulse controls platform provides advanced energy management and optimization.

Negative

• None.

SALT LAKE CITY, July 29, 2020 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK), a diversified software and services company, today announced it has been awarded a contract to provide controls and storage for a commercial microgrid located in Southern California. CleanSpark expects to realize in excess of $300,000 in initial revenues from the project as well as a long-term software subscription. 

This microgrid project is designed to provide economic optimization and cost avoidance, as well as energy resiliency for the facility. CleanSpark's patented mPulse controls platform will manage a Battery Energy Storage System ("BESS") paired with photovoltaic rooftop solar panels.

Zach Bradford, CEO of CleanSpark said, "Our mPulse controller will optimally manage all of the distributed energy assets to ensure the customer will realize the strongest ROI while maintaining resiliency in the event of a grid disruption. This project requires a particularly short execution timeline due to the client's urgent needs. CleanSpark's flexible software architecture and ease of deployment enabled us to commit to the required timelines. The ability to meet this rapid deployment schedule is yet another example of how CleanSpark's disruptive approach to energy management is a significant competitive advantage."

Parties interested in learning more about CleanSpark's services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at https://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/ where recent presentations and case studies are available to view.

About CleanSpark:
CleanSpark a software and services company which offers software and intelligent controls for microgrid and distributed energy resource management systems and innovative strategy and design services.  The Company provides advanced energy software and control technology that allows energy users to obtain resiliency and economic optimization. Our software is uniquely capable of enabling a microgrid to be scaled to the user's specific needs and can be widely implemented across commercial, industrial, military, agricultural and municipal deployment. Our product and services consist of intelligent energy controls, microgrid modeling software, and innovation consulting services in design, technology, and business process methodologies to help transform and grow businesses.

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 fitness of a product for a particular application or market, the expectations of future growth and expected revenues may not be realized, timing of microgrid deliverables, demand for our software products; 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

 

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SOURCE CleanSpark, Inc.

FAQ

What contract did CleanSpark (CLSK) announce on July 29, 2020?

CleanSpark announced a contract for a commercial microgrid project in Southern California.

How much revenue is CleanSpark (CLSK) expecting from the new microgrid contract?

CleanSpark expects to realize over $300,000 in initial revenues from the project.

What technology will CleanSpark (CLSK) use in the microgrid project?

CleanSpark will use its patented mPulse controls platform to manage the Battery Energy Storage System and solar panels.

What benefits does the microgrid project provide according to CleanSpark (CLSK)?

The project is designed for economic optimization, cost avoidance, and energy resiliency.