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CleanSpark Inc. (Nasdaq: CLSK) is a leading company in the bitcoin mining industry, focused on delivering sustainable and reliable energy solutions. The company was founded in 2013 by Michael Firenze, Art Villanueva, and Bryan Huber. Initially, CleanSpark's vision was to empower communities through advanced energy management technologies, such as fractal grid technologies and federated enterprise services, to create sustainable energy solutions for various sectors including institutional, commercial, industrial, and residential clients.
Over time, CleanSpark shifted its core focus to bitcoin mining. The company leverages its expertise in energy efficiency to operate highly effective and low-carbon data centers dedicated to mining bitcoin. Through strategic acquisitions like that of ATL Data Centers, CleanSpark has become a significant player in the bitcoin mining sector. The company's infrastructure supports bitcoin—a critical digital commodity for financial independence and inclusion.
CleanSpark is known for its innovative Flex Power System, which provides energy security at or below current electricity prices, making it cost-effective for up to 25 years or more. As of the latest updates, the company has made substantial progress in its operational capacity. Recent achievements include a 60% increase in hashrate and significant additions to their bitcoin treasury, which now holds nearly 5,000 bitcoins.
In addition to its core mining operations, CleanSpark continues to expand its footprint. The company's acquisition of new sites in Mississippi and Georgia has bolstered their total operating hashrate to over 17 EH/s. Moreover, the company plans to acquire additional facilities in Wyoming, which are expected to add further operational capacity.
Financially, CleanSpark is robust, reporting significant revenue increases and maintaining a strong balance sheet with almost $700 million in cash and bitcoin, and minimal debt. The company's dedication to transparency and trust is evident in their regular updates and investor communications.
Overall, CleanSpark Inc. is not only pioneering in the bitcoin mining sector but also promoting sustainable and efficient energy use, positioning itself as a forward-thinking leader in both the technological and financial landscapes. For more information, visit their website at www.cleanspark.com.
On October 6, 2020, CleanSpark (Nasdaq: CLSK) announced its entry into the Electric Vehicle (EV) charging market via its subsidiary, GridFabric, LLC. This move comes following California's initiative to phase out gasoline cars by 2035. GridFabric specializes in OpenADR compliance, crucial for integrating EV charging with the grid. The initiative aims to manage the expected increase in power demand from EVs and enhance grid stability. Since its acquisition, GridFabric has provided OpenADR software to two EV charging companies and has pending proposals with others.
CleanSpark, Inc. (Nasdaq: CLSK) announced its support for FERC Order 2222, a ruling that allows aggregated Distributed Energy Resources (DERs) to compete with traditional utilities. CEO Zach Bradford highlighted that this is a transformative step for the microgrid industry, aiming to eliminate longstanding barriers. The ruling is expected to enable DERs, like solar and battery providers, to participate in energy markets, thus fostering competition, enhancing grid resilience, and lowering costs for consumers. Additionally, the acquisition of GridFabric is anticipated to offer CleanSpark a competitive edge in these markets.
CleanSpark (Nasdaq: CLSK) secured a 5-year contract to upgrade and support switchgear controls for a US Embassy in Africa. This agreement includes technical support and maintenance from CleanSpark's trained technicians. CEO Zach Bradford highlighted the contract's significance for their intelligent switchgear business and acknowledged strong sales in hardware solutions. The Company specializes in energy management systems for diverse sectors, enhancing operational resilience and economic optimization.
CleanSpark (Nasdaq: CLSK) announced a new contract for five units of intelligent switchgear from a Houston-based energy development partner. This collaboration marks over 100 microgrid projects completed. The latest contract includes installations at a surface water pumping station and a Texas grocery chain, contributing to expected revenue recognition in the upcoming quarter. This year, CleanSpark has shipped more than $7.4 million in switchgear. The CEO noted that this project marks entry into a new market segment, highlighting the company's expanding applications for its technology.
CleanSpark, Inc. (NASDAQ:CLSK) will present at the LD 500 investor conference on September 3, 2020, at 3:40 p.m. ET. The presentation, hosted by Chairman Matthew Schultz, will be available via live webcast, with an archive accessible for 90 days. This virtual conference, occurring from September 1-4, aims to provide an engaging experience amid COVID-19 restrictions. CleanSpark specializes in software for microgrid management and energy optimization, offering solutions across various sectors. For more details on the event, register at LD Micro.
On August 31, 2020, CleanSpark (CLSK) announced the completion of its strategic acquisition of GridFabric, a software solutions provider for energy management. This acquisition aims to enhance CleanSpark's Demand Response offerings through its mPulse platform. GridFabric's products, including Canvas and Plaid, are integral to energy load management. The deal is expected to generate nearly $1 million in revenue in the next year, alongside existing cash flows. Key personnel from GridFabric will join CleanSpark to leverage their technology, promoting industry competitiveness and cross-selling opportunities.
CleanSpark (Nasdaq: CLSK) has entered an exclusive agreement with International Land Alliance (OTCQB: ILAL) to provide sustainable power solutions to over 400 residential properties in Baja, Mexico. This includes deploying microgrid solutions to 252 off-grid cabins and 152 luxury villas within the Valle Divino and Plaza Bajamar developments. The projects aim to enhance energy infrastructure and affordability for residents, with commissioning expected by September 30, 2020. This partnership is anticipated to generate significant revenue for CleanSpark, enhancing its market position.
CleanSpark, Inc. (Nasdaq: CLSK) has entered into an exclusive partnership with Sunshine Energy Corp. to market and sell its products and services in Costa Rica. Sunshine will receive exclusive rights to use CleanSpark's mVSO energy modeling software and procure energy systems directly from CleanSpark. The agreement aims to enhance microgrid solutions in a country known for its renewable energy, with Sunshine's CEO praising CleanSpark's superior technology. CleanSpark's CEO sees this partnership as a significant step towards international expansion and supporting Sunshine's existing $20 million microgrid sales pipeline.
CleanSpark (CLSK) has reported a record-breaking eighth consecutive quarter, showcasing a remarkable 283% increase in revenue, reaching $8.07 million for the nine-month period ending June 30, 2020. The company highlights its custom electric switchgear sales exceeding $6.4 million and strong performance in its mPulse software, resulting in a total backlog of $10 million. Continued growth from the acquisition of p2klabs is also noted, contributing $600,000 in revenue. Despite a net loss of $(2.32) per share, the management remains optimistic about future growth and profitability.
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.
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