CleanSpark Inc (NASDAQ:CLSK) said 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 company noted the additional contracts for residential microgrids and battery energy storage solutions executed since February 24 have a face value exceeding $1.7 million.
“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,” CleanSpark CEO Zach Bradford said in a statement.
READ: CleanSpark completes acquisition of solar and energy-storage developer Solar Watt Solutions of Southern California
Bradford added: “We intend to continue to be focused on the Self Generation Incentive Program (SGIP) in the near term as we continue our progress towards the planned launch of mVoult, CleanSpark's residential microgrid product line.”
CleanSpark said a substantial percentage of the new contracts are related to California's SGIP, which provides a rebate to homeowners in fire-prone areas to add energy storage backup systems.
As well, the company and Solar Watt are currently running co-branded marketing campaigns to educate homeowners on the availability of these incentives for home microgrids and battery backup systems.
CleanSpark noted that it has experienced a 10-fold increase in residential microgrid inquiries and is planning additional marketing campaigns in support of both its residential initiative, as well as the launch of its planned mVoult software and controls solution.
The company said its goal is to provide reliable power solutions in the face of expected and unexpected disruptions or in extreme weather situations for residential and commercial applications.
CleanSpark has a suite of software solutions that provides end-to-end microgrid energy modeling, energy market communications, and energy management solutions. Its offerings consist of 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.
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