Palm Beach, FL – March 12, 2020 – We’re seeing a good deal of interest for microgrids across the U.S. All thanks to their resiliency and ability to provide energy security in times of crisis. In California for example, lawmakers are considering S.B. 1215, which would fund critical microgrids for municipalities and others to deal with power outages. “The program would support state and local government efforts to set up microgrids to keep the power running in facilities that are needed for public safety and to protect vulnerable populations, such as people who have health issues requiring electrical equipment,” according to Microgrid Knowledge. In addition, some of California’s major ports, including San Diego, Los Angeles, and Long Beach have just begun to turn to microgrids for energy security. Better still, the microgrid market is expected to reach $47.4 billion by 2025 from $28.6 billion in 2020, says Markets and Markets. “Rising demand for clean energy, increasing instances of cyberattacks on energy infrastructures, growing requirement for reliable & secure global power supply, and rising global deployment of microgrids for rural electrification are key factors driving the market growth.” That’s creating sizable multi-billion-dollar opportunity for top companies like CleanSpark, Inc. (NASDAQ:CLSK), Honeywell International Inc. (NYSE:HON), Raytheon Company (NYSE:RTN), Generac Holdings Inc. (NYSE:GNRC), and Ballard Power Systems Inc. (NASDAQ:BLDP).
CleanSpark, Inc. (NASDAQ:CLSK) BREAKING NEWS: CleanSpark, Inc. a diversified software and intelligent energy services company, is pleased to announce that it has realized in excess of $275,000 in revenue over the past week as part of $900,000 in pipeline under contract scheduled for the month of March. As a result, it expects to exceed its fiscal 2019 revenues of $4.5 Million in only the first six months of fiscal 2020. Zach Bradford CleanSpark’s CEO and President Stated, “We are encouraged by the results we have seen this year to date and in demonstrating the success of our growth strategy. Our strong sales have continued in March, we have already delivered $275,000 of $900,000 in contracted sales for the month of March. Based on our pipeline under contract we expect to achieve in excess of $4.5 million in year to date sales by the end of March.”
Mr. Bradford added, “This is a significant year over year improvement and to add some perspective, we will exceed our revenue for the full fiscal year 2019 of $4.5 million in only the first six months of fiscal 2020. This is driven by a combination of our growth initiatives in conjunction with solid overall demand for distributed energy and microgrid products. According to Navigant Research the global market for microgrids is expected to experience a 28% compound annual growth rate from 2020-2029. As a result of our strong sales and the overall growing market demand, we reiterate our target of $10 million in revenue for the 2020 fiscal year. Our focus remains on growing our high margin revenue streams including services and software sales. On the back of our strong revenue growth and improved revenue mix, we maintain our belief that we can reach profitability before the end of the calendar year.”
Other related developments from around the markets include:
Honeywell International Inc. (NYSE:HON) announced that its Board of Directors has elected retired four-star United States ArmyGen. Raymond T. Odierno, 65, to its Board of Directors as an independent Director. In nearly four decades of exemplary military service, Gen. Odierno commanded units at every level of the Army. On Sept. 7, 2011, Gen. Odierno was sworn in as the 38thU.S. Army Chief of Staff, capping a military career that includes service in both the Persian Gulf and Iraq wars. Gen. Odierno is only the second Army officer since the Vietnam War to command at the Division, Corps and Army level during the same conflict. As the Assistant to the Chairman of the Joint Chiefs of Staff, Gen. Odierno was the primary military advisor to U.S. Secretaries of State Colin Powell and Condoleezza Rice. He has been awarded four Defense Distinguished Service Medals, two Army Distinguished Service Medals, the Defense Superior Service Medal and six Legions of Merit. “Gen. Odierno brings unparalleled leadership to the Honeywell Board of Directors, and his deep international, geopolitical, communications, technology and cybersecurity experience will help us continue to innovate to address the needs of our global customers,” said Darius Adamczyk, chairman and CEO of Honeywell.
Raytheon Company (NYSE:RTN) was awarded a $551 million contract from the U.S. Army to begin production of the combat-proven Patriot™ air and missile defense system for the Kingdom of Bahrain. The contract was awarded on January 31, 2020. “Raytheon’s Patriot provides the Kingdom of Bahrain and 16 other countries around the globe with a combat-proven system that protects citizens, infrastructure and armed forces from a broad spectrum of threats,” said Tom Laliberty, vice president of Integrated Air and Missile Defense at Raytheon’s Integrated Defense Systems business. “Patriot works, has saved countless lives, and will continue to do so for many years because the system is constantly tested, modernized, upgraded and improved to stay ahead of the advancing threat.”
Raytheon’s Patriot is the most advanced tactical air and missile defense system in the world, providing protection against a full range of advanced threats, including aircraft, tactical ballistic missiles, cruise missiles and unmanned aerial vehicles.
Generac Holdings Inc. (NYSE:GNRC) reported financial results for its fourth quarter and full-year ended December 31, 2019. “The fourth quarter was a great finish to a very strong 2019 with record performance for both the quarter and the full-year for net sales, adjusted EBITDA and free cash flow,” said Aaron Jagdfeld, President and Chief Executive Officer. “Home standby demand was again robust during the quarter driven by California as public utility shut-offs drove a dramatic increase in interest for these products. We also made the first shipments of our new PWRcell™ energy storage system during the quarter, and the outlook for our clean energy products continues to exceed our expectations. Our full-year results for residential products were also exceptionally strong and broad-based, and we experienced similar trends with domestic C&I product shipments through our industrial distributors as the penetration of natural gas generators continues to accelerate. Additionally, shipments to our telecom national account customers for the full year increased significantly as they continue to expand and harden their networks in preparation for the impending rollout of 5G technology. We believe our 2019 performance is further evidence of the tremendous growth opportunities for Generac, and as we enter 2020 we are incredibly excited about the long-term prospects for our business.”
Ballard Power Systems Inc. (NASDAQ:BLDP) announced consolidated financial results for the fourth quarter and full year ended December 31, 2019. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS). Randy MacEwen, President and CEO said, “We closed out 2019 with high activity levels, record quarterly revenue of $41.9 million in Q4, and full year revenue of $106.3 million, exceeding our full year outlook. Gross margin for the full year was 21%, Adjusted EBITDA was ($28.2) million and year-end cash reserves were $147.8 million. In 2019 Ballard also delivered continued progress in the execution of our strategy: we launched our next-generation LCS fuel cell stack and FCmoveTMpower module, offering lower cost and enhanced performance; we received purchase orders for fuel cell products from the Weichai-Ballard joint venture in China, with construction of the joint venture facility moving toward commissioning by mid-year 2020; we announced our membership in the H2Bus Consortium in Europe as well as the creation of a Marine Center of Excellence at our Denmark facility.”
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