SALT LAKE CITY, Oct. 6, 2020 /PRNewswire/ -- CleanSpark,
Inc. (Nasdaq: CLSK), a diversified software and services company,
today announced that it is entering the Electric Vehicle (EV)
charging station space through its recently acquired, wholly-owned
subsidiary GridFabric, LLC. GridFabric is an OpenADR (Automatic
Demand Response) communications compliance and certification
company. The new initiative will be focused on providing software
solutions to aid in load management for EV charging stations and
balancing the impact the increased power demand has on the
traditional grid.
CleanSpark Enters EV Charging Market
On September 23, 2020,
California Governor Gavin Newsom announced a phase out of
gasoline-powered cars by 2035 as part of the State's fight against
climate change. As part of the initiative the Office of the
Governor stated, "To ensure needed infrastructure to support
zero-emission vehicles, the order requires state agencies, in
partnership with the private sector, to accelerate deployment of
affordable fueling and charging options. It also requires support
of new and used zero-emission vehicle markets to provide broad
accessibility to zero-emission vehicles for all Californians."
EV fast-charging will create an additional burden on the
existing, aging power grid. Public utilities will likely need
to upgrade their existing infrastructure to handle the additional
load, as well as rely more on demand management programs and
load-balancing to increase overall grid stability. EV charging
locations that plan to participate in these programs will be
required, in certain jurisdictions, to utilize certified
communications protocols.
The OpenADR protocol allows EV charging companies and their
customers to communicate with the utilities for demand response
programs. These programs, in turn, allow the utility to more
easily manage power distribution to the grid.
GridFabric offers a method of rapidly implementing OpenADR and
providing the corresponding certification. GridFabric has provided
its OpenADR software to two EV charging companies since its
acquisition by CleanSpark in August
2020 and has additional proposals pending with a number of
EV charging companies.
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.
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.