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. 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."ĬleanSpark CFO Lori Love added: "This acquisition brings a significant pipeline to drive strong revenue growth immediately as part of our new residential initiative. “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.
“This backlog immediately positions CleanSpark as a player in the direct-to-consumer California residential microgrid market,” Bradford said. 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."ĬleanSpark CEO Zachary Bradford noted that the acquisition added more than $10 million dollars of executed contracts to the company’s backlog. Our core focus is data analytics, software, and intelligent controls, said.
In the simplest way possible: CleanSpark enables energy users to obtain resiliency and economic optimization.
CLEANSPARK ENERGY NEWS SOFTWARE
"We are extremely excited to join the great team at CleanSpark,” said David Watt, who founded Solar Watt in 2009, in a statement. “With their products and resources behind Solar Watt, we will be able to expedite growth in the California area. Founded in 2014, CleanSpark is a microgrid software and services company that improves energy infrastructures using proprietary, data-driven technologies. It 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.ĬleanSpark said its mVoult () product line for residential microgrids will provide opportunities for both companies to expand quickly throughout the state and beyond. Solar Watt, based in Carlsbad, California, provides solar and alternative energy solutions for homeowners and commercial businesses throughout Southern California. (Nasdaq: CLSK) (the 'Company' or 'CleanSpark'), a sustainable bitcoin mining and energy technology company, today unveiled a new logo, including a new wordmark and icon, and a new website. READ: CleanSpark unveils mVoult residential energy management solution for homeowners 30, 2021 (GLOBE NEWSWIRE) - CleanSpark Inc. The company said 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. Other options include monetizing some of the company's bitcoin (BTC) holdings, which doesn’t necessarily mean just sales, because it might include yield strategies, as well.īTIG’s Lewis maintained his buy rating and 12-month price target of $30 on CleanSpark's shares, which is triple the current levels.CleanSpark Inc ( NASDAQ:CLSK) announced Wednesday that it has completed the strategic acquisition of Solar Watt Solutions Inc, a commercial and residential solar and energy-storage developer.īased on the achievement of certain performance objectives, CleanSpark said that the total consideration for the transaction will be up to 477,703 company shares and up to $3,850,000 in cash. Speaking on its earnings call, CleanSpark management said that it prefers to raise the capital by issuing rig-backed debt and that the company is in active talks with lenders.
He figures CleanSpark will need about $40 million in capital expenditures to hit that number. The company has a current hashrate of 2.1 exahashes per second and another roughly 1.9 EH/s on order, Lewis wrote, with a hoped-for year-end hashrate of about 4.0 EH/s. The stock was recently up nearly 15%, far outpacing today’s gains for the rest of the crypto mining industry.ĬleanSpark CEO Zach Bradford announced the company's new strategy along with the release of its fiscal first-quarter earnings report late Wednesday.īTIG analyst Gregory Lewis says the plan has the “potential to flip the script and drive incremental growth.” Shares of CleanSpark rose sharply on Thursday on news that the company plans to sell its legacy energy business in order to focus on its faster-growth bitcoin mining operations.
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