CleanSpark Sees Contracts Increase 220% as Residential Microgrids Begin to Take Off

April 20, 2021
Microgrid technology company CleanSpark has announced a 220% increase in microgrid contracts worth $16.2 million more than figures reported in February of this year.

Microgrid technology company CleanSpark has announced a 220% increase in microgrid contracts worth $16.2 million more than figures reported in February of this year.

The company currently holds a backlog of microgrid contracts worth $23.5 million, divided across several different business sectors.

CleanSpark is reporting that $14.3 million, or approximately 60% of these contracts represent residential microgrids and home-based energy storage initiatives.

These contracts are expected to be completed within the next 12 months, and show evidence of the “substantial” growth in residential microgrids that CleanSpark CEO Zachary Bradford discussed in a video interview late last year with Kevin Normandeau, Microgrid Knowledge’s publisher.

“The reason we are seeing this is because awareness is increasing day by day. Unfortunately, wildfires in California aren’t going away. We look at what happened in Houston. And everybody is now starting to hear the term microgrid,” Bradford said during the interview.

Second to residential agreements, contracts for commercial and industrial microgrids and switchgear offerings total $4.6 million worth of CleanSpark’s reported earnings. With large and more complicated systems, the company expects to complete its C&I contracts within the next 18 months.

CleanSpark currently holds $4 million of its active contracts internationally. These contracts have varying timelines and locations, with a phased development approach to international projects over the next few years.

Finally, the remaining $0.6 million in the company’s reported microgrid contracts relates directly to CleanSpark’s software and service-based businesses.

CleanSpark continues bitcoin and data mining

CleanSpark is exploring the pairing of microgrid products with bitcoin and data mining operations through ATL Data Centers, a company in Georgia that it acquired last year.

In the quarter ended March 31, 2021, CleanSpark produced more than 144 bitcoins and has produced 205 bitcoins since acquiring its mining operations.

“From having 95% noncarbon-based electricity powering our mining operations to our rapidly growing partnership program, it’s clear that our focus on an ESG-centered approach to growth continues to be validated,” said Matthew Schultz, CleanSpark’s executive chairman. Global events, from the recent power disruptions, taking Chinese BTC mining offline, to the massive, sustained outages in our own country have resulted in a significant increase in inquiries surrounding our microgrid and energy offerings as residential, industrial and commercial customers recognize the fragile state of the current power distribution model.

CleanSpark announced the rise in microgrid contracts in anticipation of filing its second quarter 10Q with the Securities and Exchange Commission in May.

Learn more about microgrids and the people bringing them to power during Microgrid 2021: The World Awakens to Microgrids, a virtual conference hosted by Microgrid Knowledge from May 11-June 3.

About the Author

Brian Church

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