Demand for microgrids isn’t likely to slow, especially with far too much pressure being put on global power grids. Even utilities are just now realizing they can’t guarantee energy supply to their customers, especially in vulnerable areas and at the edges of the grid. Plus, as the latest virus pandemic wreaks havoc, it’s straining the power systems of hospitals and food distribution systems. In addition, countries across the globe are increasing the deployment microgrids to reduce the overdependence on power grids, says 360 Market Updates.
For example, microgrids are also 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. The report found that 6,610 projects around the world, with North America representing 36.3% of the capacity. In addition, in a recent Deloitte report, up to 44% of surveyed businesses said they are considering microgrids. In ‘Deloitte Resources 2020 Study,’ 54% of those considering microgrids said they have critical operations that require uninterrupted power supply, said Marlene Motyka, principal, Deloitte Transactions and Business Analytics. That’s creating big opportunity for companies such as CleanSpark, Inc. (NASDAQ:CLSK), Enphase Energy Inc. (NASDAQ:ENPH), Walmart Inc. (NYSE:WMT), Tesla Inc. (NASDAQ:TSLA), and Ballard Power Systems Inc. (NASDAQ:BLDP).
CleanSpark, Inc. (NASDAQ:CLSK) BREAKING NEWS: CleanSpark, Inc., a diversified software and services company, today reported preliminary unaudited revenue for its fiscal year ended September 30, 2020 in excess of $10.0 million. This achievement represents a 222% increase in gross revenues over the company’s 2019 fiscal year-end results. These figures represent a fourth consecutive year of record-breaking annualized revenues.
In addition, the Company reaffirms its target of $20M in gross revenue for its 2021 fiscal year. The Company will be investing in growth with a focus on higher margin software and service sales. CleanSpark currently has an executed contracted backlog exceeding $6.0 million and a proposal pipeline exceeding $12.0 million.
“Achieving our target revenue of $10.0 million for 2020 in the face of navigating a global pandemic represents a significant accomplishment for our team. We believe that this further demonstrates our continued progress in establishing CleanSpark as a leader in advanced software and controls for energy management systems, validated by the multinational partnership agreements we’ve executed, stated Zachary Bradford, the company’s Chief Executive Officer. “We are still in the early stages of what we believe is a multi-year trend towards expanding microgrid applications worldwide. Securing $40.0 million in institutional capital earlier this month strengthens our ability to capitalize on this trend as we continue to expand CleanSpark’s operations, offerings and critical personnel,” concluded Bradford.
Other related developments from around the markets include:
Enphase Energy Inc. (NASDAQ:ENPH), a global energy technology company and the world’s leading supplier of solar microinverters, announced that SunCool Energy has started offering the Enphase Encharge™ storage system to customers in South Florida. Encharge storage systems feature Enphase Ensemble™ energy management technology, which powers the world’s first fully integrated, grid-agnostic microinverter-based solar-plus-storage system. The Enphase Encharge 10 and Encharge 3 storage systems offer usable and scalable battery storage capacities of 10.1 kWh and 3.4 kWh, respectively. This modular architecture helps installers to right-size storage for either customers’ whole-home backup loads or to start small and grow over time, without additional external inverters. With a grid-agnostic system and fail-safe design with multiple, redundant microinverters in each storage device and a passive cooling system with no moving parts, the Encharge storage system offers maximum reliability. The Encharge storage system also provides a simple path to energy independence with Enphase grid-forming microinverters to keep homes powered when the grid goes down and save money when the grid is up.
Walmart Inc. (NYSE:WMT) announced it is doubling down on addressing the growing climate crisis by targeting zero emissions across the company’s global operations by 2040. Walmart and the Walmart Foundation are also committing to help protect, manage or restore at least 50 million acres of land and one million square miles of ocean by 2030 to help combat the cascading loss of nature threatening the planet. “We want to play an important role in transforming the world’s supply chains to be regenerative. We face a growing crisis of climate change and nature loss, and we all need to take action with urgency. For 15 years, we have been partnering to do the work and continually raising our sustainability ambitions across climate action, nature, waste and people. The commitments we’re making today not only aim to decarbonize Walmart’s global operations, they also put us on the path to becoming a regenerative company – one that works to restore, renew and replenish in addition to preserving our planet, and encourages others to do the same,” said President and CEO, Doug McMillon.
Tesla Inc. (NASDAQ:TSLA) will post its financial results for the third quarter of 2020 after market close on Wednesday, October 21, 2020. At that time, Tesla will issue a brief advisory containing a link to the Q3 2020 update, which will be available on Tesla’s Investor Relations website. Tesla management will hold a live question and answer webcast that day at 2:30 p.m. Pacific Time (5:30 p.m. Eastern Time) to discuss the Company’s financial and business results and outlook.
Ballard Power Systems Inc. (NASDAQ:BLDP) announced that it has sold the Unmanned Aerial Vehicle (UAV) business assets of its subsidiary located in Southborough, Massachusetts to Honeywell International. All employees of the UAV subsidiary will transition to Honeywell Aerospace. Financial terms have not been disclosed. The companies are also committed to a long-term strategic collaboration to combine Ballard’s expertise in fuel cell technology with Honeywell’s leadership in aerospace and are working on agreements in respect of this collaboration. Randy MacEwen, Ballard President and CEO said, “We remain positive on the long-term outlook for fuel cell propulsion systems in the UAV market. However, we determined to divest this non-core systems business given our strategic focus on the Heavy- and Medium-Duty Motive markets of bus, truck, train and marine, where we expect scaled commercialization and growth through 2030 and beyond. We believe the UAV business will be best positioned within the Honeywell enterprise and look forward to our ongoing collaboration with Honeywell and growing the exciting business opportunities for a range of urban air mobility and broader aerospace applications.”
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