SALT LAKE CITY, Feb. 24, 2021 /PRNewswire/ -- CleanSpark,
Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a diversified
software and services company, today announced that it has
completed the strategic acquisition of Solar Watt Solutions, Inc.
("Solar Watt"), a Commercial and Residential Solar and Energy
Storage Developer. Based on achievement of certain performance
objectives, total consideration for the transaction will be up to
477,703 shares of the Company's common stock, and up to
$3,850,000 in cash.
Solar Watt is a Carlsbad,
California based company, founded in 2009 by David Watt. Solar Watt provides solar and
alternative energy solutions for homeowners and commercial
businesses throughout Southern
California. The acquisition is expected to immediately
expand and accelerate CleanSpark's residential initiative by
integrating an experienced energy storage and solar sales and
installation team.
CleanSpark Acquires Renewable Energy Developer.
Solar Watt has been focused on serving the fire prone
communities throughout California
by utilizing the Self Generation Incentive Program ("SGIP"), which
provides homeowners who have medical needs and reside in vulnerable
zones with the opportunity to add energy storage to their homes at
little or no cost. The Company's mVoult (mvoult.com) product line
for residential microgrids will provide opportunities for both
companies to expand quickly throughout the state of California and beyond.
David Watt, Founder of Solar
Watt, said, "We are extremely excited to join the great team at
CleanSpark. With their products and resources behind Solar Watt, we
will be able to expedite growth in the California area. We anticipate scaling up and,
being able to offer new product lines while continuing to provide
the excellent service our customers have come to expect, which is
the foundation for our success."
CleanSpark's President and CEO, Zachary
Bradford, stated, "Over the past year, we have been working
with Solar Watt as a partner to strategically expand our collective
sales efforts. As a result, upon closing our transaction to acquire
Solar Watt, we added more than $10 million
dollars of executed contracts to our backlog. This
backlog immediately positions CleanSpark as a player in the
direct-to-consumer California
residential microgrid market. In addition to executing on their
existing pipeline, Solar Watt will form the backbone of the
Southern California team for
CleanSpark's new residential mVoult product line. We will continue
to devote our efforts to the one-to-many sales approach nationwide
through partnerships with companies similar to Solar Watt, but this
acquisition will allow us to rapidly scale mVoult and residential
sales in Southern California where
we have a local presence and a large sales footprint."
"This acquisition brings a significant pipeline to drive strong
revenue growth immediately as part of our new residential
initiative," said Lori Love, Chief
Financial Officer of CleanSpark. "We anticipate that the
acquisition will contribute approximately $20 million in revenue over the next 12 to 18
months and potentially more as we expand into additional
territories with critical energy needs."
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,
controls and technology solutions to solve modern energy
challenges. CleanSpark has a suite of software solutions that
provides end-to-end microgrid energy modeling, energy market
communications, and energy management solutions. CleanSpark's
offerings consist of intelligent energy monitoring and controls,
intelligent microgrid design software, middleware communications
protocols for the energy industry, energy system engineering,
custom hardware solutions, microgrid installation services, and
software consulting services.
CleanSpark also 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 315 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.
About Solar Watt Solutions:
Solar Watt Solutions, Inc., a California corporation,
is a system integrator that assists customers in finding the energy
products that best fit their needs while working with a range of
equipment manufacturers to provide a cost-effective solution for
residential or commercial projects. Solar Watt helps
businesses and homeowners install solar and batteries to save money
on energy bills and reduce dependence on increasing energy costs
from public utilities. Solar Watt helps customers realize all the
local, state, and Federal incentives, including going green
benefits, which make solar energy more affordable than ever
before. Solar Watt's customers can take pride in knowing that
they are part of the solution, not the problem. For more
information, visit https://www.solarwattsolutions.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 the Company'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 CleanSpark's business, including, without
limitation: the successful integration of Solar Watt into
CleanSpark, the closing of the transaction, the fitness of its
energy software and solutions for this particular application or
market, the expectations of future revenue growth may not be
realized, 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 the Company's prior press releases and in the Company's filings
with the Securities and Exchange Commission ("SEC"), including
under the heading "Risk Factors" in the Company's 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 the Company
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.