CleanSpark CLSK Stock News

CleanSpark Inc (OTCMKTS: CLSK) has issued quite a bit of news over the past month. Today, the news flow continues with the company announcing that a new customer has adopted its technologies. Here’s what’s going on:

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CLSK Announces New Contract Win

In a press release issued early this morning, CleanSpark announced that it has been awarded a new contract valued at $627,000. The contract was signed with Energias Limpias De CentroAmer (ELCA).

Under the terms of the agreement, CLSK will provide software controls and energy storage to ELCA as part of their Energy as a Service project. The project has a goal of supporting an industrial manufacturing facility in San Jose, Costa Rica.

In the release, the company said that it will integrate a scalable 1110-kilowatt hours of battery storage, paired with a 480-kilowatt solar photovoltaic system. The entire system will be driven by the company’s mPulse controls platform.

The mPulse software developed by CLSK will provide economic dispatch controls to maximize performance. The software will also provide resiliency operations to back-up critical energy loads in the event of a utility disruption.

In the release, the company said that the project is expected to begin in the first quarter of 2020. Also, in addition to the base contract, the company has been engaged for the continued support of the system.

In a statement, Michael McCuen, President at ELCA, had the following to offer:

CleanSpark has been an invaluable partner in supporting ELCA through the initial design of this System. This is our second contract with CleanSpark to provide its mPulse software and controls and we expect to use them for many more projects in the future. We looked at several competitors’ controllers and chose CleanSpark’s solution because we believe it is vastly superior to the competition.

The above statement was followed up by Zach Bradford, CEO at CLSK. Here’s what he had to offer:

As we continue to execute on our strategy of increasing software sales through long term customer partnerships we expect that our business will accelerate its growth trajectory. The Costa Rican market is key area of market growth in Latin America and we are well positioned to capitalize on opportunities.

This is also a significant milestone for the Company as it continues to establish value of our software-based controls solution with strategic long-term customers and partners. As we continue to develop our reoccurring SaaS revenue streams our profitability is expected to increase significantly over time and will continue to provide our shareholders value for many years in the future.

Why This News Is So Important

As of late, CleanSpark has seen growth in customer adoption at a compelling rate. This has led to the company’s ability to deliver record revenues quarter after quarter.

In fact, on October 16, 2019, the company released an earnings report that showed just that. During the quarter, CLSK nearly doubled the revenue that it generated in the same quarter the year prior.

With this new contract, the company will have $627,000 to add to its revenue in the first quarter. Moreover, the company will enjoy long-term revenue growth as it will be in charge of system support moving forward, offering up monthly maintenance fees.

At the end of the day, this is exactly the type of news that investors want to hear. It outines a strategy by the company that’s leading to growth in revenue, increased consumer uptake, and a compelling opportunity for investors.

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Disclosure – Apha Stock News is not an investment advisor. The author of the article does not own any shares nor have plans to purchase any shares in any stock mentioned herein within the next seventy two hours. CNA Finance, parent company to Alpha Stock News has been retained by CleanSpark to provide research, writing, advertising and other investor relations tasks. CleanSpark has paid CNA Finance a total of forty thousand dollars for 30 days of services beginning on October 30, 2019.

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