Residential microgrid demand is only expected to soar, benefiting companies like CleanSpark, Inc. (NASDAQ:CLSK), Enphase Energy Inc. (NASDAQ:ENPH), Honeywell International (NYSE:HON), Ballard Power Systems (NASDAQ:BLDP), and Bloom Energy Corp. (NYSE:BE).
In fact, as reported by NBC News, “As mounting weather-related power failures hammer the country’s electrical grid, a growing number of homeowners are looking for new ways to get their power. For those with the means, that search has led to a boom in microgrids, which allow residents to hitch a power source such as natural gas, wind or sun to technology that can convert that energy into electricity.”
With aging power grids, fires, storms, and other natural disasters knocking out power, more homeowners could invest in microgrids moving forward.
Look at CleanSpark Inc. (NASDAQ:CLSK) for example
“We’ve probably seen a tenfold increase in residential demand over the past six months,” Zachary Bradford, CEO of Cleanspark said, as also quoted by NBC News.
In addition, CleanSpark, Inc. (NASDAQ:CLSK) just announced that it has executed more than 50 new contracts under its residential initiative in less than one month following its acquisition of Solar Watt Solutions (Solar Watt). These additional CleanSpark and Solar Watt contracts for residential microgrids and battery energy storage solutions executed since February 24th have a face value exceeding $1,700,000.
A substantial percentage of the new contracts are related to California’s Self Generation Incentive Program (SGIP), which provides a rebate to homeowners in fire-prone areas to add energy storage backup systems. These rebate programs offset a significant portion of the purchase price of battery energy storage systems to provide critical power to homes in the event of a utility grid disruption. CleanSpark and Solar Watt are currently running co-branded marketing campaigns to educate homeowners on the availability of these incentives for home microgrids and battery backup systems. The Company’s goal is to provide reliable power solutions in the face of expected and unexpected disruptions or in extreme weather situations for residential and commercial applications.
CleanSpark is actively delivering the existing pipeline of projects and, as discussed in a recent interview with NBC News, has experienced a ten-fold increase in residential microgrid inquiries. Additional marketing campaigns are expected to commence in support of both the Company’s residential initiative, as well as the launch of the Company’s planned mVoult software and controls solution.
Zach Bradford, CleanSpark’s Chief Executive Officer stated, “Acquiring an existing partner was a deliberate move to further our reach into the residential markets as our cross-functional teams already had experience working together. This experience enabled us to decrease our collective teams relative ‘learning curve’ and accelerate our growth without missing a beat.” Adding, “We intend to continue to be focused on SGIP in the near term as we continue our progress towards the planned launch of mVoult, CleanSpark’s residential microgrid product line.”
Other related developments from around the markets include:
Enphase Energy Inc., a global energy management technology company and the world’s leading supplier of microinverter-based solar-plus-storage systems, announced that Urban Solar has deployed a large-scale commercial solar system at the Praxis of Deerfield Beach senior living community in Deerfield Beach, Florida. Spanning nine buildings, the system is expected to produce 1,040,900 kWh of electricity in its first year of operation.
Honeywell International as won a 4-year IDIQ (Indefinite Delivery, Indefinite Quantity) contract for new production and spare T55-GA-714A engines that power the U.S. Army's CH-47 Chinook helicopters. This $476 million contract award will ensure that the U.S. Army's Chinook fleet has spare engines to support future missions and available engines for Boeing's Philadelphia Production Line through 2024 to serve the U.S. Army and foreign partner nations' new aircraft requirements. The engines will be assembled and tested at Honeywell's production facility at the company's Aerospace global headquarters in Phoenix.
Ballard Power Systems announced that the Company’s proton exchange membrane (PEM) fuel cell technology and products have now powered Fuel Cell Electric Vehicles – or FCEVs – in commercial Heavy- and Medium-Duty Motive applications for an industry-leading cumulative total of more than 75 million kilometers on roads around the globe.
Bloom Energy Corp. announced financial results for its fourth quarter and full year that ended December 31, 2020. Greg Cameron, EVP and chief financial officer, Bloom Energy, commented: “We were encouraged by the financial performance during the fourth quarter of 2020 across revenue, gross margin, operating income and cash. Our bookings in the second half of the year gained momentum, and we have a strong backlog for 2021 that provides high project visibility into our 2021 guidance framework and improving cash flow outlook. We continue to make significant progress on reducing our product costs, and our technology investments remain on track.”
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for CleanSpark, Inc. by CleanSpark, Inc. We own ZERO shares of CleanSpark, Inc. Please click here for full disclaimer.
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