Benzinga | Jul 7, 2021 09:31AM EDT

CleanSpark Reports Operating Results For Its Microgrid Project In San Diego, California: 75-80% Reduction In Monthly Energy Costs Observed Once Energy Systems Were Deployed

CleanSpark, Inc. (NASDAQ:CLSK) (the "Company" or "CleanSpark"), a diversified software, services, and bitcoin mining company, today announced the operating results of a microgrid project recently commissioned in San Diego. The Company and its wholly-owned subsidiary, Solar Watt Solutions, partnered with RSI Roofing on implementation of the solar-plus-storage microgrid system.

The microgrid project was designed for WS Display/San Diego Sign Company to provide economic optimization and cost avoidance, as well as cleaner energy for their facility. Once the energy systems were deployed, a 75-80% reduction in monthly energy costs was realized by the customer during the first month of operation.

To satisfy the preliminary requirements set forth by San Diego Gas and Electric (SDG&E) and the California Energy Commission (CEC) for NEM paired storage systems, CleanSpark's mPulse microgrid control system was tested and approved by a National Recognized Testing Laboratory (NRTL). Based on the testing results, SDG&E approved the mPulse platform not only to manage microgrid operations at the site, but also to export stored energy to the grid.

Additionally, because the location is directly adjacent to the Carlsbad Airport, a Federal Aviation Administration study was conducted to verify that flight operations were undisturbed as a result of the rooftop installation that included 1,200 solar panels. RSI Roofing, also a San Diego company, partnered with Solar Watt Solutions on this contract. The agreement included the installation of a new energy efficient roofing system that contains two layers of insulation and meets Title 24 energy efficiency standards mandated by the California Energy Commission. Currently at the site, CleanSpark's patented mPulse controls platform manages 482.4 KW rooftop solar panels and a 250KW/548KWH Battery Energy Storage System ("BESS") that was installed to help further reduce demand charges.

John Sawaya, RSI CEO, commented, "This is an example of a good combination of companies working together to achieve a goal and which far exceeded the customer's expectations in the end."

Eric Van Velzer, WS Display Principal and CFO said, "With the new program, we saw a reduction in our first month's power bill from the previous average of $13K to $15K down to just over $3K. We also realized significant savings on the cost of the microgrid with a 30% solar credit and battery incentive through SGIP. We plan for future expansion with additional backup power and storage for resiliency during power outages."

Zach Bradford, CleanSpark's Chief Executive Officer stated, "WS Display is a leader in providing high-quality trade show banners & displays whose operational costs were significantly decreased as a direct result of a smart-controlled microgrid provided by Solar Watt Solutions and CleanSpark. mPulse optimizes and directs the microgrid to provide resiliency during utility outages, and cost savings during normal operations. WS Display is also able to export energy from the battery to the utility grid to create greater savings." Adding, "CleanSpark is proud of the results the mPulse directed system has achieved. CleanSpark anticipates reoccurring revenues from ongoing software subscriptions."

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.