SALT LAKE CITY, Oct. 30, 2019 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (OTCQB: CLSK), a microgrid company with advanced engineering, software and controls for innovative distributed energy resource management systems, today announced an award of a contract totaling $627,000 to provide software controls and energy storage to Energias Limpias De CentroAmerica (ELCA) as part of their Energy as a Service (EaaS) project to support an industrial manufacturing facility in San Jose, Costa Rica.
CleanSpark's solution will integrate a scalable 1110-kilowatt hours of battery storage paired with a 480-kilowatt solar photovoltaic system, all driven by CleanSpark's mPulse controls platform. CleanSpark’s mPulse software will provide economic dispatch controls to maximize performance, as well as resiliency operations to back-up critical energy loads in the event of a utility disruption. The project is expected to be integrated and commissioned in the first quarter of 2020. In addition to the base contract, ELCA is entering into a Software as a Service (SaaS) agreement with CleanSpark for continued support of the system.
"CleanSpark has been an invaluable partner in supporting ELCA through the initial design of this System. This is our second contract with CleanSpark to provide its mPulse software and controls and we expect to use them for many more projects in the future. We looked at several competitors’ controllers and chose CleanSpark’s solution because we believe it is vastly superior to the competition." said Michael McCuen, President of ELCA.
"As we continue to execute on our strategy of increasing software sales through long term customer partnerships, we expect that our business will accelerate its growth trajectory.," said Zach Bradford, Chief Executive Officer of CleanSpark. "The Costa Rican market is a key area of market growth in Latin America and we are well positioned to capitalize on opportunities. This is also a significant milestone for the Company as it continues to establish the value of our software-based controls solution with strategic long-term customers and partners. As we continue to develop our reoccurring SaaS revenue streams our profitability is expected to increase significantly over time and will continue to create shareholder value for many years in the future."
Parties interested in using CleanSpark’s platform are encouraged to inquire by contacting the Company directly at info@cleanspark.com
About CleanSpark:
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.
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. These forward-looking statements include statements regarding the potential financial impact of its new contract and the potential future profitability and the performance standards of CleanSpark's software and enterprise solutions. 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: risks associated with the performance of CleanSpark's technology, the number of items delivered to customers and the timing of the shipments may not develop as we expect; 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.