CleanSpark Awarded $627,000 Software Controls and Energy Storage Contract

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.”