Microgrids are being adopted quickly throughout North America. In fact, the continent is now the top microgrid market thanks to the installation of commercial and industrial microgrids, according to Guidehouse Insights, as noted by Microgrid Knowledge. The report found that 6,610 projects around the world, with North America representing 36.3% of the capacity.
“North America’s push for the top spot as the global capacity leader is due to a large quantity of fossil-based commercial and industrial (C&I) system additions being deployed as resiliency solutions,” added Guidehouse Insights. “This contrasts with last year’s findings, which showed a large amount of rural electrification projects in Asia Pacific and the Middle East & Africa.”
Better still, according to a report from Global Industry Analytics, the global microgrid market will grow to $2.1 billion by 2025, as highlighted by Business Chief. Such growth is creating a good deal of opportunity for companies such as CleanSpark, Inc. (NASDAQ:CLSK), Ballard Power Systems Inc. (NASDAQ:BLDP )(TSX:BLDP), Honeywell International (NYSE:HON), General Electric Company (NYSE:GE), and Eaton Corporation PLC (NYSE:ETN).
CleanSpark, Inc. (NASDAQ:CLSK) BREAKING NEWS: CleanSpark, Inc., a diversified software and services company, today announced that as of April 30, 2020, its revenues for the prior seven months were approximately $5.6 million which surpasses its revenues for the entire 2019 fiscal year of $4.5 million by 24%. CleanSpark’s Chief Executive Officer, Zach Bradford, stated, “We have achieved significant progress even in the face of COVID-19. Our current fiscal year-to-date revenues through April 30, 2020 of approximately $5.6 million represent an increase of approximately 414% over the comparable year-to-date revenues in 2019. Our projections lead us to believe that we can maintain course and double our 2019 fiscal year revenues in 2020 and achieve our corporate goal of profitability by the end of this calendar year.”
Mr. Bradford continued: “CleanSpark’s revenue growth has continued to increase over the past two quarters. The company has been able to maintain momentum even in the face of the current economic slowdown. We are optimistic that this momentum can continue throughout 2020 and into 2021. We believe our momentum will continue as we expect to see growth in our core software and energy products along with an increase in new software service contracts from our recently acquired subsidiary, p2klabs.”
Other related developments from around the markets include:
Ballard Power Systems Inc. (NASDAQ:BLDP)(TSX:BLDP) announced a purchase order from Solaris Bus & Coach S.A., a leading European bus and trolleybus manufacturer headquartered in Bolechowo, Poland, for 20 of Ballard’s new 70 kilowatt heavy-duty FCmove-HD fuel cell modules. These modules will power 20 Solaris Urbino 12 hydrogenbuses planned for deployment in South Holland, the most populous province of The Netherlands, under the Joint Initiative For Hydrogen Vehicles Across Europe funding program. The buses will be operated by Connexxion, which provides transport services for South Holland province. Petros Spinaris, Deputy CEO of Solaris Bus & Coach S.A. said, “Increasingly municipal operators and decision makers are opting for modern and emission-free transport solutions for their regions. The advantages of hydrogen as an energy carrier are indisputable.”
Honeywell International (NYSE:HON) announced strong earnings growth for the first quarter of 2020 despite significant impacts from the COVID-19 pandemic. The company reported first-quarter earnings per share of $2.21, above guidance, operating profit growth of 3%, segment profit growth of 2%, and segment margin expansion of 140 basis points, all of which were at or above first-quarter guidance, with sales down 5%, or 4% organically. “Honeywell delivered on our original earnings commitment for the first quarter, with EPS growth of 15% despite the substantial challenges we faced due to the COVID-19 pandemic. We remain focused on the strong operational excellence principles that underlie everything we do, and that discipline enabled us to achieve earnings growth in a challenging first quarter,” said Darius Adamczyk, chairman and chief executive officer of Honeywell. “As the COVID-19 pandemic rapidly escalated and the global economy deteriorated, we faced headwinds across our businesses, including rapid changes in our supply chain, constraints at customer sites, and significant impacts on the commercial aerospace and oil and gas end markets. These challenges drove an organic sales decline in the quarter. However, we acted quickly to mitigate the impacts and we continued to serve our customers, including those involved in the COVID-19 response efforts, while ensuring the safety of our employees.”
General Electric Company (NYSE:GE) announced results for the first quarter ending March 31, 2020. GE Chairman and CEO H. Lawrence Culp, Jr. said, “During this unprecedented pandemic, the GE team is focused on protecting the safety of our employees and communities, serving customers in their critical time of need, and preserving our strength for the long term. GE is delivering critical infrastructure and services across the globe, including our teams at Healthcare supporting caregivers who diagnose and treat COVID-19 patients every day.”
Eaton Corporation PLC (NYSE:ETN) announced that earnings per share were $1.07 for the first quarter of 2020. Excluding charges of $0.02 per share related to acquisitions and divestitures, adjusted earnings per share were $1.09. Adjusted earnings per share were reduced by $0.14 due to the impact of the COVID-19 pandemic. Sales in the first quarter of 2020 were $4.8 billion, down 10 percent from the first quarter of 2019. Organic sales were down 7 percent, including a reduction of 4 percent from the impact of the COVID-19 pandemic. Acquisitions added 2 percent to sales, which was offset by 3½ percent from divestitures. Negative currency translation reduced sales by 1½ percent. Craig Arnold, Eaton chairman and chief executive officer, said, “At our annual investor day on March 2, we indicated that our first quarter would be impacted by the COVID-19 pandemic. At that time, the pandemic was largely limited to China with little direct impact on other parts of the world. As we all know, things have changed dramatically since that time and the pandemic is now affecting all countries. At the start of the year, we expected organic sales in the first quarter to be down 3 percent. The COVID-19 pandemic reduced our sales by an additional 4 percent, resulting in a 7 percent reduction in organic sales for the quarter.”
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