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CLSKD Awarded Feasibility StudyIn a press release issued early this morning, CleanSpark announced that it has been selected to conduct a project feasibility study. The study surrounds the creation of an independent and comprehensive power system for a cannabis grower in California. The terms of the agreement stipulate that CLSKD will produce a project feasibility analysis for the first phase of the cannabis grower’s project. This analysis is to include appropriate energy storage, solar system sizes, project utility savings, capital costs, operations and maintenance costs. The analysis will also include a 20-year financial model, showing the client the potential return on investment, cash flows, and tax effects. Once the analysis is complete, it is expected to include detailed specifications and implementation plans for a comprehensive solution with energy sources, storage and software controls siezed to optimize performance. In a statement, Zach Bradford, President at CLSKD, had the following to offer:
We will apply our advanced energy systems expertise to scope and design a sustainable, affordable and reliable power system that meets expected demand for this customer in a greenfield space. It is an ideal opportunity for us to work directly with a customer at the start of a project to create a comprehensive design that demonstrates the compelling economics for them. We expect we will have the opportunity to perform the installation of the design, which is expected to be in excess of six figures in revenue to CleanSpark, in the next phase of their business development. Given the remote location of their planned operations, local utility companies have been unable to commit to providing service in a timeframe that would support their business plans. This is a common challenge for large and sophisticated cannabis operations, which frequently require significant power to effectively operate, making traditional grid-based options unaffordable. By going off-grid with an alternative energy system, this customer will be able to create an independent energy infrastructure that directly meets their needs, greatly reduces their dependence on traditional energy sources and can scale as their business grows. As the industry continues to mature, we expect these deployments to become commonplace and CleanSpark is uniquely positioned to meet this significant and emerging need.
Why This Is Such A Big DealIn the cannabis industry, the goal of growers at the moment is to push the cost of production below $300 per pound. However, this is a bit of a challenge. At the moment, the high cost of energy is making it nearly impossible to hit this mark. That’s where CleanSpark comes in. In previous reports, CLSKD has shown its ability to reduce utility costs for cannabis growers by more than 80%. Should this be the case for the Californian cannabis grower, we can expect to see a microgrid buildout relatively soon. However, the positivity goes further than that. With the news today, CLSKD is showing that it is effectively tapping into the emerging cannabis industry. Ultimately, this gives investors a way to invest in cannabis without the threat of regulatory risk. Moreover, as the company continues to tap the industry, the revenue opportunity is tremendous!
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