CleanSpark Inc (OTCMKTS:CLSK) revealed Wednesday that it has won an engineering contract for the creation of a power system at a cannabis grow facility following a previously announced project feasibility study.
In a statement, the Bountiful, Utah-based advanced energy software and control technology company said the engineering contract is for the creation of an "independent and comprehensive power system" for an indoor, controlled distribution facility in California.
CleanSpark said the engineering contract is expected to be completed by the end of October.
“The execution of the engineering contract comes as a result of the successful feasibility study backed by our mVSO software” CleanSpark CEO Zach Bradford said.
Bradford noted that the company’s mVSO software was used to determine the appropriate energy storage, solar PV system sizes, projected utility savings, capital costs, operations and maintenance costs and a 20-year economic financial model depicting the project’s return on investment, cash flows and tax effects.
“This is a critical part of project analysis and our software solution helps to determine the overall economics of any microgrid project. Our analysis showed that this is a feasible and economic project and, as a result, it is now moving to the engineering stage with our assistance,” Bradford said.
“We expect successful completion will lead to additional revenue opportunities for energy storage procurement and our controller and mPulse software in the six-figure range,” he added.
CleanSpark’s mPulse software and control suite operates on-site in real-time. The platform has been designed with flexibility in mind by enabling vendor and technology agnostic integration of a variety of resources.
Driving energy efficiency
“mPulse will provide active controls to increase site-wide performance through real-time decision making based on forecasted power system needs and optimization of the resources used in the microgrid,” the CleanSpark boss pointed out.
“mPulse makes the microgrid intelligent and more efficient, which is what customers will increasingly demand as the microgrid megatrend continues,” he added.
Bradford said the cannabis industry continues to be one of “the prime market opportunities” for CleanSpark's solutions as the remote location of many grow facilities and large power consumption needs create significant challenges for the industry.
“This often makes a microgrid and independent power production the optimal solution for reliability and scale and presents us with the opportunity to leverage our products and software in a high growth sector of the market,” he added.
CleanSpark develops software to help companies become more energy efficient. The company's services include intelligent energy monitoring and controls, as well as micro-grid consulting and implementation services.
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