In a news release, diversified energy management software solutions and services company CleanSpark Inc. (CLSK:NASDAQ) reported it has "executed more than 50 new contracts under its residential initiative in less than one month following its acquisition of Solar Watt Solutions." The firm stated that the newly signed CleanSpark and Solar Watt contracts are mostly for residential microgrids and battery energy storage solutions and in aggregate are worth more than $1.7 million.
The company explained that a significant percentage of these new contracts were landed due to the support from the state of California's Self Generation Incentive Program (SGIP). The firm advised that the SGIP offers rebates to homeowners adding energy storage backup systems in high-risk, fire-prone areas. CleanSpark advised that the program allows for a substantial percentage price rebate for the purchase of battery energy storage systems, which deliver critical power to homes during utility grid disruptions.
CleanSpark noted that together with Solar Watt, it is conducting an aggressive co-branded marketing campaign to inform homeowners and certain commercial customers on the availability of these incentives for home microgrids and battery backup systems, which provide uninterrupted, reliable power solutions in the face of extreme weather or unforeseen power supply disruptions.
The firm highlighted that as it was discussed in a recent interview with NBC News, its pipeline of projects is quite robust and it has recently seen a ten-fold increase in residential microgrid inquiries. The company said that it is not stopping there and that it intends to roll out further residential promotional campaigns and also plans to launch its mVoult software and controls solution.
The company's CEO Zach Bradford commented, "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."
"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," Bradford added.
CleanSpark is focused on solving modern energy challenges by employing its advanced suite of software, controls and technology solutions that offer end-to-end microgrid energy modeling, energy market communications and energy management solutions.
The firm's products and services incorporate "intelligent energy monitoring and controls, intelligent microgrid design software, middleware communications protocols for the energy industry, energy system engineering, custom hardware solutions, microgrid installation and implementation services, traditional data center services and software consulting services."
In addition to its extensive energy services capabilities, the company and its subsidiaries own and operate a fleet of Bitcoin miners at a facility located near Atlanta, Ga.
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