CleanSpark Shares Rise 15% After Grant Award
July 09 2020 - 10:35AM
Dow Jones News
By Chris Wack
CleanSpark Inc. shares were up 15% to $3.56 after the company
said it and ReJoule, a battery diagnostics and optimization
company, were awarded a grant from the California Energy
Commission.
The grant for about $2.9 million is slated to be deployed over
the next 30 months. The funds will be distributed to the
multi-group partnership of clean energy and technology
companies.
ReJoule and CleanSpark said they will be further supported by
Ford Motor Co., BigBattery, and GRID Alternatives. CleanSpark
expects to receive $470,000 of the grant funding for its microgrid
design and mVSO software services and follow-on deployment of its
mPulse software and controls. CleanSpark has also agreed to provide
more than $88,000 in matched funding.
The California Energy Commission grant proposal was for
Validating Capability of Second-life Batteries to Cost-Effectively
Integrate Solar Power for Small-Medium Commercial Building
Applications. The goal is to deploy second life batteries from
electric vehicles for use in a microgrid application.
Ford will be supporting the project by donating used EV battery
modules and providing the ReJoule team with technical support from
Ford's Greenfield Labs based in Palo Alto, California.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
July 09, 2020 10:20 ET (14:20 GMT)
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