SALT LAKE CITY, March 23, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a diversified software, services, and bitcoin mining company, today announced that it has executed more than 50 new contracts under its residential initiative in less than one month following its acquisition of Solar Watt Solutions (Solar Watt). These additional CleanSpark and Solar Watt contracts for residential microgrids and battery energy storage solutions executed since February 24th have a face value exceeding $1,700,000.
A substantial percentage of the new contracts are related to California's Self Generation Incentive Program (SGIP), which provides a rebate to homeowners in fire-prone areas to add energy storage backup systems. These rebate programs offset a significant portion of the purchase price of battery energy storage systems to provide critical power to homes in the event of a utility grid disruption. CleanSpark and Solar Watt are currently running co-branded marketing campaigns to educate homeowners on the availability of these incentives for home microgrids and battery backup systems. The Company's goal is to provide reliable power solutions in the face of expected and unexpected disruptions or in extreme weather situations for residential and commercial applications.
CleanSpark is actively delivering the existing pipeline of projects and, as discussed in a recent interview with NBC News, has experienced a ten-fold increase in residential microgrid inquiries. Additional marketing campaigns are expected to commence in support of both the Company's residential initiative, as well as the launch of the Company's planned mVoult software and controls solution.
Zach Bradford, CleanSpark's Chief Executive Officer stated, "Acquiring an existing partner was a deliberate move to further our reach into the residential markets as our cross-functional teams already had experience working together. This experience enabled us to decrease our collective teams relative 'learning curve' and accelerate our growth without missing a beat." Adding, "We intend to continue to be focused on SGIP in the near term as we continue our progress towards the planned launch of mVoult, CleanSpark's residential microgrid product line."
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