SALT LAKE CITY, Oct. 28, 2020 /PRNewswire/ -- CleanSpark,
Inc. (Nasdaq: CLSK), a diversified software and services company
today announced that it has received two contracts with EV
(Electric Vehicle) companies for the first deployments of its
'Plaid' product, sold as a software subscription. The
contracts were executed through CleanSpark's wholly-owned
subsidiary GridFabric. GridFabric creates software solutions that
help power utilities and IoT (Internet of Things) products that
manage energy loads. Plaid specifically allows products of all
types to add load shifting capabilities by translating load
shifting protocols into their existing APIs.
CleanSpark Signs Multiple Software Service Contracts Within EV
Sector
Prior to their acquisition by CleanSpark in August 2020, all of GridFabric's OpenADR
solutions had been sold under a perpetual licensing agreement,
which represented a one-time sale. One of the stated goals at the
time of acquisition for CleanSpark was to transition to a new
cloud-based subscription option for the software which will
generate long term, recurring revenue.
The benefits of transitioning to a SaaS model include
improvements to the platform and implementing services, ease of
maintenance, and enhanced cyber-security measures. Additionally,
new features are being added that were previously only enabled with
on-site updates or re-installation.
Zach Bradford, CEO of CleanSpark
said of the contract, "GridFabric specializes in providing
communication protocols to cleantech energy and EV companies,
enabling them to participate in wholesale markets and communicate
directly with utilities. Large, up-front fees for the protocols and
communications certification process can be prohibitive for some
companies. Under a subscription or SaaS model the customer is able
to make ongoing monthly payments rather than a large lump sum. We
expect this structure to attract more customers thereby creating an
even stronger reoccurring revenue base. Reducing the cost of
entry into OpenADR certification should also accelerate market
growth as a whole and increase pull-through demand for CleanSpark's
full suite of products industry-wide."
Mr. Bradford continued, "We intend to further enhance the SaaS
offerings by developing a platform that will host the existing
'Plaid' and 'Canvas' products along with future product releases,
such as protocols for IEEE 2030.5 within a single ecosystem.
These improvements will enhance a user's ability to more rapidly
integrate new protocols without needing to shift platforms. The
monthly fees will also enable GridFabric and CleanSpark to rely on
long-term subscription-based revenues to support new feature
developments and platform expansion as a whole. SaaS is about ease
of use and functionality, and we are excited to be able to offer
this as an option to a larger number of potential customers."
Parties interested in learning more about GridFabric products
and services are encouraged to inquire by contacting the Company
directly at info@cleanspark.com or visiting the Company's
website at www.gridfabric.io
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 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 GridFabric:
GridFabric creates OpenADR software solutions that help power
utilities and IoT products and Companies to shed, shift, shimmy and
shape peak load. The Company provides advanced OpenADR software
Solutions. Our software and services are uniquely capable of
enabling Customers to rapidly gain the necessary certifications to
communicate with utilities and other energy products.
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 successful integration of GridFabric into
CleanSpark, the fitness of the product for a particular application
or market, the expectations of future revenue growth may not be
realized, timing of orders and 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 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.