CleanSpark Announces $238,000 in New Equipment Orders Year-to-Date and Comments on Impacts of Natural Disasters on Communities
SALT LAKE CITY, Jan. 21, 2020 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (OTCQB: CLSK), a software company with advanced engineering, software and controls for innovative microgrid and distributed energy resource management systems today announced that it has received $238,000 in new orders for its intelligent automatic transfer switch (ATS) since the first of the year. The Company’s Intelligent ATS switchgear is used to automatically transfer power supply from its primary source to a backup source when it senses a failure or outage in the primary source, thus assuring uninterrupted power. It also allows the end user the opportunity to participate in regional energy markets when it makes financial sense to sell surplus power back to the grid.
CleanSpark’s new orders were composed of a total of four units ordered by two customers with one being a new customer and the other a current customer. The follow-on order placed by our current customer is on the back of a previously announced $2.5 million order in May 2019 and $359,000 order announced on December 20, 2019. The Company has already shipped $302,000 of previous equipment orders during the first 20 days of 2020. Based on continued positive demand trends, the Company anticipates receiving additional follow-on orders before the end of January.
“Our Automatic Transfer Switch Solutions are designed to serve critical microgrid deployments and we are seeing indications of a notable increase in demand for these solutions in 2020,” said Zach Bradford, Cleanspark’s CEO. “These deployments provide economic benefits to their owners on an ongoing basis, but also provide our customers and the surrounding communities with secure power sources in times of grid disruption including those resulting from natural disasters. On January 10, 2020 The New York Times reported on the precarious situation in Puerto Rico resulting from the January 7th earthquakes and said, “The facility that produces the most electricity on the island, the Costa Sur power plant, may not return to service for up to a year”. As a result, Puerto Rico is now contending with brownouts and rolling blackouts across the grid due to it’s a weakened infrastructure. While the conventional grid is failing across the country, microgrids, such as those supporting a Boys and Girls Club and a children’s hospital, have become a staging center for the community due to their reliable power sources being provided by microgrids. These facilities once again prove that microgrids are a critical future part of energy infrastructure as they provide more sustainable and secure energy solutions relative to large centralized grids.”
Mr. Bradford concluded, “Our microgrid solutions have already successfully proven the ability to provide secure power supplies to Texas communities after hurricanes and we are now in the process of developing solutions for school districts in California communities plagued by fires. As part of growing global demand for distributed energy generation (DEG) we are seeking to expand our network of external sales representatives to include Puerto Rico. These large-scale problems are affecting millions of people around the globe with the problem being exacerbated by natural and manmade disasters and an aging grid infrastructure worldwide. We believe this inflection point in favor of microgrids is creating a significant market for CleanSpark’s energy solutions and will have a positive impact on our operations but also the effected communities.”
CleanSpark provides advanced energy software and control technology that enables a plug-and-play enterprise solution to modern energy challenges. Our services consist of intelligent energy monitoring and controls, microgrid design and engineering, microgrid consulting services and turn-key microgrid implementation services. CleanSpark’s software 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.
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 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.
Shawn Severson Integra Investor Relations (415) 233-7094 firstname.lastname@example.org