How CleanSpark Survived Monday's Market Carnage

CleanSpark, Inc. (NASDAQ: CLSK) closed Monday on a positive note although the markets slumped. The reason behind this move was that the firm announced the commissioning of its software on a new solar plus storage microgrid project in Central America.

CleanSpark is partnering with an energy developer to deploy this unique solution for Micro Technologies, a major international assembly and manufacturing company. This microgrid is for their new factory located in the San Jose, Alajuela Province of Costa Rica.

The local clean-energy developer focuses on distributed power generation, storage, and management. The objective is to incorporate grid-tied solar and energy storage systems primarily to offset utility energy costs.

The secondary function of the system is to provide backup power during utility outages from construction through commissioning of the complex, as well as when facility is fully operational.

Also worth noting is that the company has also procured and will incorporate the Tesla (NASDAQ: TSLA) PowerPack 2 battery energy storage system which will provide 558kW/1115kWh storage. Additionally, the project’s solar installation includes 480kW AC, 531kW DC of PV (photovoltaic) solar panels.

CleanSpark’s management noted that in addition to assisting the developer to provide resilient power and cost savings for MicroTech on a remote location, this system provides renewable clean-energy, an objective stated by the country of Costa Rica, in their pursuit of being powered by 100% renewables Again management is looking forward to continuing to utilize CleanSpark’s technologies to provide energy certainty, clean power, and cost avoidance throughout the region.

CleanSpark stock closed out Monday up 28% at $14.84, with a 52-week range of $0.97 to $15.06.