SALT LAKE CITY and STANTON, Calif., July 9, 2020
/PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK), a diversified
software and services company, and ReJoule, a battery diagnostics
and optimization company announced that they have been awarded a
grant from the California Energy Commission.
The grant is approximately $2.9
million and is slated to be deployed over the next 30
months. The funds will be distributed to the multi-group
partnership of clean energy and technology companies. ReJoule and
CleanSpark will be further supported by Ford Motor Company,
BigBattery, and GRID Alternatives. CleanSpark expects to receive
approximately $470,000 of the grant
funding for its microgrid design and mVSO software services and
follow-on deployment of its mPulse software and controls.
CleanSpark has also agreed to provide over $88,000 in matched funding.
The California Energy Commission Grant proposal was for
Validating Capability of Second-life Batteries to
Cost-Effectively Integrate Solar Power for Small-Medium Commercial
Building Applications. The underlying goal is to deploy second
life batteries from electric vehicles for use in a microgrid
application. Additional grant information can be found here:
https://www.energy.ca.gov/solicitations/2020-02/gfo-19-310-validating-capability-second-life-batteries-cost-effectively.
As electric vehicles (EV) reach their end-of-life, batteries
often retain from 70-90% of their original capacity. This
presents opportunities for repurposing EV batteries as low-cost
stationary storage in a second-life application. Extending
the life of used EV batteries further lessens the need for mining
of rare earth minerals, thereby making batteries as an energy
storage solution more sustainable. The largest barriers to
repurposing used EV batteries are the cost of disassembly, long
test times, and uncertainty of the remaining useful life. While
there are a variety of tests and grading methods, there has been
limited success to reliably and cost-effectively test and grade
used batteries for second-life applications.
Ford Motor Company, Inc. (NYSE: F) will be supporting the
project by donating used EV battery modules and providing the
ReJoule team with technical support from Ford's Greenfield Labs based in Palo Alto, California. Last year, Ford agreed
to a framework with the California Air Resources Board to
meaningfully reduce greenhouse gas emissions in its vehicles as
part of Ford's long-term sustainability strategy to achieve carbon
neutrality globally by 2050. To learn more about Ford's
sustainability leadership and commitments, visit
sustainability.ford.com.
ReJoule, as the primary grant recipient, will develop a battery
grading process and degradation model. They will then
collaborate with the other partners to validate the feasibility of
repurposing EV batteries for storage paired with solar Photovoltaic
systems to provide building resiliency and load shifting services
for small and medium-sized commercial buildings.
The systems covered by the grant will be deployed at two
locations, Lucky Cat Labs, an artist's studio located in
Los Angeles, California, and a
Housing and Training center for the Homeless, located in
Santa Ana, California. They will
both incorporate solar and second-generation energy storage
batteries controlled by CleanSpark's mPulse software and controls
platform and ReJoule's battery management system.
Steven Chung and Zora Chung, Co-Founders of ReJoule stated, "This
is a big step towards our goal of enabling the circular economy for
EV batteries. This project will address the technical challenges
associated with repurposing used EV batteries and demonstrate our
technology in a commercial setting. We are excited to work with our
partners composed of companies and nonprofits dedicated to
combating climate change through the deployment of clean energy
solutions."
Zach Bradford CEO of CleanSpark added, "This is an exciting
opportunity for CleanSpark, we recognize the need in the market to
extend the life of battery energy storage solutions. Electric
Vehicle batteries are an ideal candidate to provide not only
long-term value for deployment in residential and commercial
applications, but repurposing used EV batteries can greatly assist
in the avoidance of potentially substantial disposal and recycling
costs. We have found that cost is generally the single largest
factor that is considered by an end user. The ability to
effectively offer lower cost solutions using second life batteries
not only increases sustainability but it could potentially open up
an entirely new market to those who find new energy storage systems
cost prohibitive."
Will Paxton, electrification
research engineer at Ford's Greenfield Labs says, "We are
excited to work with innovative companies such as ReJoule and
CleanSpark to improve the sustainability of electrified
transportation and move closer to a circular economy for EV
batteries."
Parties interested in learning more about CleanSpark's Microgrid
platform are encouraged to inquire by contacting the Company
directly at info@cleanspark.com or visiting the Company's website
at www.cleanspark.com.
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.
About ReJoule:
ReJoule was founded in 2017 with the goal of reducing battery waste
by enabling a more streamlined battery life cycle. Its fast battery
diagnostics enables a more accurate measurement of the battery's
health. Uncertainty on battery health adds overhead costs which
leads to excess waste along the battery's life cycle. As batteries
power more cars and buildings, more advanced diagnostics helps
bring battery costs down and accelerate electrification. ReJoule's
proactive system dynamically adjusts for optimal performance to
increase usable battery capacity and improve safety. By enabling a
step-change in the world's understanding of how batteries perform,
ReJoule makes battery systems cheaper, safer, and more sustainable.
For more information about ReJoule, visit www.rejouleenergy.com or
email Info@rejouleenergy.com
About Ford Motor Company:
Ford Motor Company is a global company based in Dearborn, Michigan. The company designs,
manufactures, markets and services a full line of Ford cars,
trucks, SUVs, electrified vehicles and Lincoln luxury vehicles, provides financial
services through Ford Motor Credit Company and is pursuing
leadership positions in electrification; mobility solutions,
including self-driving services; and connected services. Ford
employs approximately 188,000 people worldwide. For more
information regarding Ford, its products and Ford Motor Credit
Company, please visit www.corporate.ford.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 fitness of the product for a particular application
or market, the expectations of future growth may not be realized,
timing of deliveries, 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.