SALT LAKE CITY, June 23, 2020 /PRNewswire/ -- CleanSpark,
Inc. (NASDAQ: CLSK), a diversified software and services company,
announced the successful commissioning and deployment of its
mPulse software on a comprehensive off-grid installation system
located in California City,
California. CleanSpark provided software and controls as
well as the battery energy storage solution (BESS) for the system.
Good Energy Solar, a Santa Barbara,
CA based company, is the lead project developer who provided
the photovoltaic (PV) solar system and installation services. The
system integrates 43-kw of solar PV with 60-kw BESS and a 45-kw
baseload generator with 150-kw generator planned for future
business growth.
Engaged by Good Energy Solar, CleanSpark deployed its team of
energy professionals to produce a project feasibility analysis of
the system utilizing CleanSpark's microgrid Value Stream Optimizer
(mVSO) platform; a SaaS-based software and industry-leading
solution for energy project analysis and modeling. Energy
resiliency and savings were the primary vectors in mVSO's modeling
exercise for the end-user, a controlled-distribution agricultural
facility. Based on this and a variety of factors, mVSO provided a
20-year economic model outlining the cash flows of the system and
detailed cost-avoidance benefits. In the end, mVSO was able to
analyze and provide the end-user with a plan to deploy a full,
off-grid system sized to meet its needs, which included
recommendations for complete project specifications and
implementation plans for the solution, in an efficient, cost
effective manner.
Zach Bradford, CEO and President
of CleanSpark, stated, "Given the remote location of the end-user's
operation, local utility companies were unable to provide
electrical grid service to the facility in a timeframe that
supported their business plans. By going completely off-grid,
CleanSpark and Good Energy Solar have allowed the customer to
create and independently own their energy system to meet their
current and future power requirements. Our controls are designed to
minimize fuel consumption to provide the lowest possible levelized
cost of energy. The system is designed to be fully expandable as
the business grows. CleanSpark's mPulse software and controls
solution is uniquely capable of scaling as the system size and load
increases and can easily integrate utility grid power if and when
the utility provides electricity to the site."
Mr. Bradford continued, "As our mPulse software deployments
increase, we expect to see revenues and margins improve.
Deployments like these also create additional opportunities for
CleanSpark to continue to add long-term SaaS revenues. Our team is
excited about this opportunity to again demonstrate the value of
our controls software for a customer that would otherwise be
subjected to high energy operating costs due to public utility
constraints. The company will continue to update all stakeholders
as to current deployments and contracts as they develop. We have
made significant progress on our stated objective to rapidly scale
both our business and the associated revenues. Our year to date
revenues through mid-June are approximately $7.7 million and we expect to exceed
$8.0 million in year-to-date revenue
by the end of this fiscal quarter. Our sales pipeline continues to
grow, and we are optimistic about the increased demand we are
seeing across all lines of our business."
Parties interested in CleanSpark's mPulse Software platform are
encouraged to visit the company's website at
https://www.cleanspark.com/mpulse or contact the company directly
at info@cleanspark.com. Investors are encouraged to contact
the Company at ir@cleanspark.com
About CleanSpark:
CleanSpark is 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. The company's 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. The
company's 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 its plans will be achieved. Actual results may differ
from those set forth in this press release due to the risk and
uncertainties inherent in its business, including, without
limitation: the fitness of its products for a particular
application or market, the ability of its software to produce the
expected energy benefits, expectations of future growth may not be
realized, timing of deliveries, ongoing demand for its software
products and related services, the impact of global pandemics
(including COVID-19) on the demand for its products and services;
and other risks described in its prior press releases and filings
with the Securities and Exchange Commission (SEC), including under
the heading "Risk Factors" in its 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 CleanSpark undertakes 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.