Demand for residential microgrids are on the rise.
In California, for example, interest has gained momentum in response to wildfires and power shutoffs. In fact, according to Microgrid Knowledge, “Not only has demand increased; so has the pressure to install home microgrids as quickly as possible, and some companies say they can’t move quickly enough to satisfy customers’ requests.”
Even the grid failure in Texas highlights the need for microgrid technology. In fact, as demand for power skyrocketed, utility operators revealed just how poorly prepared they were for the cold weather event. “The system reached a point where “electric demand was really just exceeding available supply,” said Dan Woodfin, senior director of system operations at ERCOT, the grid operator for most of Texas, as also noted by Microgrid Knowledge, eventually leaving millions of people without power.
In addition, as noted by IEEE Spectrum, “Microgrid proponents said there would not have been a problem if Texas had more microgrids.” It’s yet another example of where microgrid technology can not only provide resiliency for customers, but alleviate the demand on the grid.
With microgrid demand likely to grow, some of the top companies to watch include Enphase Energy Inc. (NASDAQ:ENPH), Honeywell International (NYSE:HON), Ballard Power Systems (NASDAQ:BLDP), and Walmart (NYSE:WMT).
It’s also beneficial for companies, such as CleanSpark Inc. (NASDAQ:CLSK)
CleanSpark, Inc. (NASDAQ:CLSK) just announced that it completed the strategic acquisition of Solar Watt Solutions, Inc. (Solar Watt) a Commercial and Residential Solar and Energy Storage Developer. Solar Watt is a Carlsbad, California based company, founded in 2009 by Dave Watt. Solar Watt provides solar and alternative energy solutions for homeowners and commercial businesses throughout Southern California. The acquisition is expected to immediately expand and accelerate CleanSpark’s residential initiative by integrating an experienced energy storage and solar sales and installation team.
Solar Watt has been focused on serving the fire prone communities throughout California, by utilizing the Self Generation Incentive Program, which provides homeowners who have medical needs and reside in vulnerable zones with the opportunity to add energy storage to their homes at little or no cost. The Company’s mVoult (mvoult.com) product line for residential microgrids will provide opportunities for both companies to expand quickly throughout the state of California and beyond.
Dave Watt Founder of Solar Watt said, "We are extremely excited to join the great team at CleanSpark. With their products and resources behind Solar Watt, we will be able to expedite growth in the California area. We anticipate scaling up and, being able to offer new product lines while continuing to provide the excellent service our customers have come to expect, which is the foundation for our success."
CleanSpark’s President and CEO, Zachary Bradford, stated, “Over the past year, we have been working with Solar Watt as a partner to strategically expand our collective sales efforts. As a result, upon closing Solar Watt we added more than $10 million dollars of executed contracts to our backlog. This backlog immediately positions CleanSpark as a player in the direct-to-consumer California residential microgrid market. In addition to executing on their existing pipeline, Solar Watt will form the backbone of the Southern California team for CleanSpark’s new residential mVoult product line. We will continue to devote our efforts to the one-to-many sales approach nationwide through partnerships with companies similar to Solar Watt, but this acquisition will allow us to rapidly scale mVoult and residential sales in Southern California where we have a local presence and a large sales footprint.”
“This acquisition brings a significant pipeline to drive strong revenue growth immediately as part of our new residential initiative,” said Lori Love, Chief Financial Officer of CleanSpark. “We anticipate that the acquisition will contribute approximately $20 million in revenue over the next 12 to 18 months and potentially more as we expand into additional territories with critical energy needs.”
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