Benzinga | May 27, 2021 09:30AM EDT

CleanSpark Reports Execution Of Partnership With FlowGen To Add Advanced Renewables To Its Business Portfolio, No Terms Disclosed

CleanSpark, Inc. (NASDAQ:CLSK) (the "Company" or "CleanSpark"), a diversified software, services, and Bitcoin mining company, and FlowGen Ltd. ("FlowGen") an international wind turbine technology company, based in Zug, Switzerland, today announced they have entered into a collaborative memorandum of understanding ("MOU"). Under the terms of the MOU, FlowGen has agreed to use CleanSpark's mPulse controls solution in all of its microgrid projects worldwide. In addition, CleanSpark was granted the exclusive distribution rights for FlowGen's advanced wind turbine solutions throughout North and South America.



CleanSpark Partners with Switzerland-Based Wind Turbine Firm to Support Microgrid, Bitcoin Operations.

The agreement is expected to benefit both companies through combining CleanSpark's industry leading software and controls technologies with FlowGen's proprietary system of highly advanced, wind-centric microgrid solutions. The companies believe that the blending of technologies will enable both enterprises to leverage engineering, design, modeling, software and controls strengths, to deliver reliable, efficient and resilient systems to their collective customer base as a result.

The parties are jointly marketing solutions featuring a hardware combination of FlowGen's wind turbine systems, solar, and battery energy storage systems (BESS). These solutions will be fully supported by CleanSpark's patented mPulse control platform to maximize power optimization and resiliency. FlowGen's goal is to implement cleaner renewable energy sources at sites that are currently powered by gas generators and other non-renewable energy sources.

FlowGen's innovation came from its founder and Chief Executive Officer Dirk K?ster's extensive racing history leading, among others, Porsche's GT3 race team to achieve tremendous success on the track. Through Dirk's expertise in mass production processes, coupled with an award-winning team of experts from the motorsport aerodynamics, automotive and aerospace industries, FlowGen's revolutionary design, innovative engineering, and advanced analytical tools help achieve industry leading performance levels and efficiency. Their wind turbine systems can be incorporated into microgrids around the world in combination with solar, storage and other renewables. FlowGen's technology is extremely versatile as it is powerful enough for very large installations, but its small size and low weight also enable easy installation where space is restricted. Its focus on aerodynamic efficiency also allows it to provide power in areas where sustained wind-levels are lower.

FlowGen's CEO Dirk K?ster said, "FlowGen's board of directors is very enthusiastic about this unique combination and believes it will provide value for shareholders of both companies. This agreement has significant strategic and financial benefits, and the combined companies are expected to be better positioned to anticipate and serve the needs of a global customer base in the highly competitive microgrid market."

Zach Bradford, CleanSpark's Chief Executive Officer stated, "This partnership further demonstrates the flexibility of our controls technologies. The partnership with FlowGen demonstrates mPulse's versatile capabilities with the addition of wind turbines. We believe this will expand the customer base for our offerings in areas less conducive to solar for distributed power generation solutions. Wind energy is a powerful resource that has the ability to enhance the operating characteristics of microgrids across a variety of applications. The profitability from our Bitcoin division continues to enable us to advance forward additional renewable energy sources to further improve the value of renewable energy solutions. Driving renewable energy technology advancement and adoption is key to our continued growth, and the results of these efforts are expected to positively impact all of our business units."

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com.