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CleanSpark shares jump as it forges exclusive partnership with one of the largest energy developers in Costa Rica

Costa Rica has one of the cleanest electric matrixes in the world and in 2018 produced 98.6% of its energy from renewable sources

CleanSpark Inc -
Under the CleanSpark partnership, Sunshine will procure all energy controls and energy storage systems directly through the company

CleanSpark Inc (NASDAQ:CLSK) shares surged on Friday as the software and services firm unveiled an exclusive tie-up with Sunshine Energy – one of Costa Rica's largest energy developers.

The agreement allows Sunshine the exclusive right to sell CleanSpark's products and services, including licensing its mVSO, the microgrid Value Stream Optimizer, throughout the Central American country, the firm said in a statement.

READ: CleanSpark triples revenue in fiscal 3Q and raises guidance for multiple segments

Costa Rica has one of the cleanest electric matrixes in the world and in 2018 produced 98.6% of its energy from renewable sources.

"To have a company like Sunshine choose us as their exclusive microgrid partner is a significant win for CleanSpark and further validation of our superior platform capability," Zach Bradford, CEO told investors in a statement.

"Because a large number of S&P 500 companies have operations in Costa Rica, we recognize the unique opportunity presented by this exclusive partnership.

"Our work with Sunshine thus far has shown them to be a leader in the solar and energy markets in Costa Rica. Strong partnerships are paramount to our continued success, especially as part of our international expansion strategy. Supporting Sunshine's existing US$20 million microgrid sales pipeline will be a priority for our team."

Eduardo Kopper, CEO of Sunshine, added: "After completing extensive due diligence on microgrid control providers, we found CleanSpark's solutions far superior to their competitors.

"The platform's flexibility allows us to pursue a best-in-class approach as technology changes, or improves over time which will bring the greatest value to our customers."

Sunshine, a subsidiary of Losko Costa, is actively pursuing new microgrid development throughout the region. Norfund, the Norwegian Fund for Developing Countries and Sunshine have a strategic alliance to facilitate the financing of energy projects.

Under the CleanSpark partnership, Sunshine will procure all energy controls and energy storage systems directly through the firm.

CleanSpark agrees to provide designated sales and consulting support to Sunshine, as well as favorable pricing for technical support services on all relevant projects.

Shares in CleanSpark jumped up over 20% in New York on the day to $9.49 each.

Contact the author at giles@proactiveinvestors.com

Quick facts: CleanSpark Inc

Price: 11.55 USD

NASDAQ:CLSK
Market: NASDAQ
Market Cap: $200.44 m
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