CleanSpark Stock News 😲 Electric Vehicle Charging Micro Grid CLSK WWR PPSI Will They Buy EV

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CleanSpark Inc CLSK Stock Electronic Vehicle Charging Grid
adminnOctober 6, 2020

https://www.prnewswire.com/news-releases/cleanspark-announces-proposed-underwritten-public-offering-of-common-stock-301147135.html

“CleanSpark intends to use the net proceeds from the offering, if completed, for working capital requirements, the growth of CleanSpark’s sales and marketing team, product development including software enhancements and improvements, general corporate purposes and strategic mergers and acquisitions, although CleanSpark has no present commitments or agreements to enter into any such mergers or acquisitions”

everyone freaking out. Stop. They only do offerings when they need money to acquire. Which means something huge is About to happen

But there is HOPE!
CleanSpark Enters EV Charging Market Through GridFabric Platform
CleanSpark, Inc. Logo (PRNewsfoto/CleanSpark, Inc.)

News provided by CleanSpark, Inc.

Oct 06, 2020, 09:00 ET

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SALT LAKE CITY, Oct. 6, 2020 /PRNewswire/ — CleanSpark, Inc. (Nasdaq: CLSK), a diversified software and services company, today announced that it is entering the Electric Vehicle (EV) charging station space through its recently acquired, wholly-owned subsidiary GridFabric, LLC. GridFabric is an OpenADR (Automatic Demand Response) communications compliance and certification company. The new initiative will be focused on providing software solutions to aid in load management for EV charging stations and balancing the impact the increased power demand has on the traditional grid.

On September 23, 2020, California Governor Gavin Newsom announced a phase out of gasoline-powered cars by 2035 as part of the State’s fight against climate change. As part of the initiative the Office of the Governor stated, “To ensure needed infrastructure to support zero-emission vehicles, the order requires state agencies, in partnership with the private sector, to accelerate deployment of affordable fueling and charging options. It also requires support of new and used zero-emission vehicle markets to provide broad accessibility to zero-emission vehicles for all Californians.”

CleanSpark Enters EV Charging Market

EV fast-charging will create an additional burden on the existing, aging power grid. Public utilities will likely need to upgrade their existing infrastructure to handle the additional load, as well as rely more on demand management programs and load-balancing to increase overall grid stability. EV charging locations that plan to participate in these programs will be required, in certain jurisdictions, to utilize certified communications protocols.

The OpenADR protocol allows EV charging companies and their customers to communicate with the utilities for demand response programs. These programs, in turn, allow the utility to more easily manage power distribution to the grid.

GridFabric offers a method of rapidly implementing OpenADR and providing the corresponding certification. GridFabric has provided its OpenADR software to two EV charging companies since its acquisition by CleanSpark in August 2020 and has additional proposals pending with a number of EV charging companies.

Parties interested in learning more about GridFabric products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company’s website at www.gridfabric.io

Investors are encouraged to contact the Company at ir@cleanspark.com, or visiting the Company’s website at https://ir.cleanspark.com/