SALT LAKE CITY, Oct. 1, 2020 /PRNewswire/ -- CleanSpark,
Inc. (Nasdaq: CLSK), a diversified software and services company
today announced its support for FERC Order Number 2222 that should
help aggregated distributed energy resources (DERs) compete
alongside and work with traditional power utilities. In its
published opinion thoroughly investigating the ruling, the National
Law Review concluded "FERC's new rules could prove to be a
disruptive and transformative change to electric utilities and the
electric industry broadly."
Reacting to the late September ruling, Zach Bradford, CEO of CleanSpark said, "This is
a significant win for clean energy and alternative energy
production. This ruling should transform the microgrid industry by
promoting competition in electric markets by removing the existing
barriers that have favored utilities for decades. Historical
policy restrictions have prevented DER (Distributed Energy
Resources) and microgrid participants like CleanSpark from
competing in energy and ancillary services markets currently
monopolized by regional grid operators."
"This ruling should enable DERs, including alternative power
generators, solar developers, and battery manufacturers to
participate alongside traditional resources to provide new sources
of energy and grid services. It should help provide a variety of
benefits including lower costs for energy consumers, more grid
flexibility and resilience, and more innovation within the electric
power industry."
Mr. Bradford concluded, "Specifically, several sources of
distributed electricity should now be allowed to aggregate in order
to satisfy minimum size and performance requirements that each may
not be able to meet individually. Regional grid operators
will be required to revise their tariffs to establish DERs as a
category of market participant. Prior to this ruling, DERs
could contribute to Independent System Operator ("ISO") and
Regional Transmission Organization ("RTO") markets via demand
response mechanisms, but this opens the door to substantially more
value for DERs. The specific tariff updates from each RTO/ISO will
be released in the near future, and we expect them to reach full
effect over the coming years. Over the past several projects,
CleanSpark has demonstrated its unique ability to provide a
fully-integrated software suite that we feel will absolutely
disrupt an antiquated and over-burdened industry."
Matthew Schultz, CleanSpark's
Chairman commented "This is a massive policy shift in favor of the
microgrid market in particular. It should open up additional value
streams for microgrid developers and owners to fully participate in
wholesale markets. These opportunities are expected to dramatically
improve microgrid economics and stimulate future deployments.
Microgrid developers of all sizes should now be able to leverage
CleanSpark's robust portfolio of patented technologies to tap into
these opportunities and offer significant value for their
customers. The recent acquisition of GridFabric provides additional
'first-mover' benefits to CleanSpark's core product line by adding
a certified communications protocol. The opportunity to offer
these certifications 'out of the box' delivers a significant head
start in grid optimization technology for our customers and
partners, which is even more valuable with this FERC
ruling."
Ben DuPont, co-founder of
GridFabric, and CleanSpark's newly appointed VP of Software
Engineering who has worked in OpenADR for over 8 years and was an
early implementer of the protocol stated, "FERC 2222 should allow
for significantly more opportunities for new market participants.
With its footprint in ISO and RTO market and position in the
controls market, CleanSpark is well suited to capitalize on this
development."
Matt Hale, co-founder of
GridFabric and newly appointed VP of Product Management for
GridFabric said, "FERC 2222 should lead to a significant increase
in DER activity from all types of companies, including DER
aggregators, microgrid controls like CleanSpark, thermostats, water
heaters, rooftop solar panels, storage, EV chargers and more. Open
protocols such as OpenADR and IEEE 2030.5 should be table stakes to
participate in these markets, and our products let these companies
implement them faster and more cost effectively, allowing them to
focus on what they do best."
Parties interested in learning more about CleanSpark Microgrid
services are encouraged to inquire by contacting the Company
directly at info@cleanspark.com or visiting the Company's
website at https://www.cleanspark.com.
Investors are encouraged to contact the Company
at ir@cleanspark.com, or visiting the Company's website
at https://ir.cleanspark.com/
About CleanSpark:
CleanSpark offers software and intelligent controls for
microgrid and distributed energy resource management systems and
innovative strategy and design services. The Company provides
advanced energy software and control technology that allows energy
users to obtain resiliency and economic optimization. Our software
is uniquely capable of enabling a microgrid to be scaled to the
user's specific needs and can be widely implemented across
commercial, industrial, military, agricultural and municipal
deployment. Our product and services consist of intelligent energy
controls, microgrid modeling software, and innovation consulting
services in design, technology, and business process methodologies
to help transform and grow businesses.
Forward-Looking Statements:
CleanSpark cautions you that statements in this press release
that are not a description of historical facts are forward-looking
statements. These statements are based on CleanSpark's current
beliefs and expectations. The inclusion of forward-looking
statements should not be regarded as a representation by CleanSpark
that any of our plans will be achieved. Actual results may differ
from those set forth in this press release due to the risk and
uncertainties inherent in our business, including, without
limitation: changes in regulatory conditions, the fitness of the
product for a particular application or market, the expectations of
future revenue growth may not be realized, timing of orders and
deliveries, ongoing demand for its software products and related
services, the impact of global pandemics (including COVID-19) on
the demand for its products and services; and other risks described
in our prior press releases and in our filings with the Securities
and Exchange Commission (SEC), including under the heading "Risk
Factors" in our Annual Report on Form 10-K and any subsequent
filings with the SEC. You are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date hereof, and we undertake no obligation to revise or update
this press release to reflect events or circumstances after the
date hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement, which is made under the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995.
Contact - Investor Relations:
CleanSpark Inc.
Investor Relations
(801)-244-4405
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SOURCE CleanSpark, Inc.