SALT LAKE CITY, Aug. 31, 2020 /PRNewswire/ -- CleanSpark, Inc.
(Nasdaq: CLSK), a diversified software and services company has
completed a strategic acquisition of GridFabric, LLC.
Further, CleanSpark is pleased to announce that the principals of
GridFabric, Mr. Ben Dupont and Mr.
Matt Hale will be joining the
CleanSpark team. The Company's website can be found at
www.gridfabric.io.
GridFabric creates software solutions that help power utilities
and IoT (Internet of Things) products that manage energy loads. The
GridFabric team created the original open source Open Automated
Demand Response ("OpenADR"), standard released by the Electric
Power Research Institute (EPRI). OpenADR 2.0b is now the basis for the standard to be
developed by the International Electrotechnical Commission.
GridFabric's core products are Canvas and Plaid. Canvas is an
OpenADR 2.0b Virtual Top Node ('VTN')
built for testing and managing Virtual End Nodes ('VENs') that are
piloting and running load shifting programs. Canvas is offered to
customers in the Cloud as a SaaS solution or as a licensed
software.
Plaid is a licensed software solution that allows any internet
connected product that uses energy (i.e. Solar, Storage &
Inverters, Demand Response, EV Charging, Lighting, Industrial
controls, Building Management Systems, etc.) to add
load shifting capabilities by translating load shifting protocols
into their existing APIs. Companies that implement Plaid get a
Certified OpenADR 2.0b Virtual End
Node (VEN) as though they built it from scratch. GridFabric has
facilitated dozens of Plaid integrations with companies of all
sizes, ranging from major utilities to companies offering custom
IOT energy solutions, saving customers time and money.
CleanSpark will utilize GridFabric's communications protocols as
an integral part of our Demand Response offerings integrated into
mPulse. Within the coming months, the two companies will be
launching a solution for the Standard for Smart Energy Profile
Application known as IEEE 2030.5. This standard has been selected
as the default protocol for the California microgrid industry.
"We believe that the acquisition of GridFabric further positions
CleanSpark to continue to outperform our competitors by more
rapidly advancing our Demand Response programs integrated into our
industry leading mPulse distributed energy controls platform,"
stated Zachary Bradford,
CleanSpark's Chief Executive Officer. "Retaining GridFabric's
software technology and expert staff is a logical extension of our
business model. This transaction will provide multiple
opportunities to deliver additional value and add revenue streams
through mPulse driven Demand Response programs to our existing
customers. Understanding the widely accepted OpenADR standard, we
quickly recognized the need for a provider. After an extensive
evaluation process, we believe we secured the premier provider in
this space, further enhancing CleanSpark's technological
advantages. GridFabric also brings a significant 'built-in' client
base that we believe will immediately provide cross-selling
opportunities for CleanSpark's core product lines," concluded
Bradford.
"This acquisition immediately adds to CleanSpark's revenue
stream by layering-on an additional value-added SaaS product that
may be implemented independently from, or in conjunction with our
mPulse platform," said Lori Love,
Chief Financial Officer of CleanSpark. "We anticipate that
the acquisition alone will add close to $1M in revenue over the span of the coming year,
and significantly more in the following years as we provide
resources to the GridFabric team to grow. Perhaps more
importantly, this acquisition brings existing, recurring revenue
and positive cashflows immediately," said Love.
Parties interested in learning more about CleanSpark's services
are encouraged to inquire by contacting the Company directly
at info@cleanspark.com or visiting the Company's website
at https://www.cleanspark.com.
Investors are encouraged to contact the Company
at ir@cleanspark.com, or visiting the Company's website
at https://ir.cleanspark.com/ where recent presentations
and case studies are available to view.
About CleanSpark:
CleanSpark offers software and intelligent controls for
microgrid and distributed energy resource management systems and
innovative strategy and design services. The Company provides
advanced energy software and control technology that allows energy
users to obtain resiliency and economic optimization. Our software
is uniquely capable of enabling a microgrid to be scaled to the
user's specific needs and can be widely implemented across
commercial, industrial, military, agricultural and municipal
deployment. Our product and services consist of intelligent energy
controls, microgrid modeling software, and innovation consulting
services in design, technology, and business process methodologies
to help transform and grow businesses.
About GridFabric:
GridFabric creates OpenADR software solutions that help power
utilities and IoT products and Companies to shed, shift, shimmy and
shape peak load. The Company provides advanced OpenADR software
Solutions. Our software and services are uniquely capable of
enabling Customers to rapidly gain the necessary certifications to
communicate with utilities and other energy products.
Forward-Looking Statements:
CleanSpark cautions you that statements in this press release
that are not a description of historical facts are forward-looking
statements. These statements are based on CleanSpark's current
beliefs and expectations. The inclusion of forward-looking
statements should not be regarded as a representation by CleanSpark
that any of our plans will be achieved. Actual results may differ
from those set forth in this press release due to the risk and
uncertainties inherent in our business, including, without
limitation: the ability to successfully integrate GridFabric into
CleanSpark's business and operations, the expectations of future
revenue growth may not be realized, demand for our software
products; and other risks described in our prior press releases and
in our filings with the Securities and Exchange Commission (SEC),
including under the heading "Risk Factors" in our Annual Report on
Form 10-K and any subsequent filings with the SEC. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof, and we
undertake no obligation to revise or update this press release to
reflect events or circumstances after the date hereof. All
forward-looking statements are qualified in their entirety by this
cautionary statement, which is made under the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995.
Contact - Investor Relations:
CleanSpark Inc.
Investor Relations
(801)-244-4405
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SOURCE CleanSpark, Inc.