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CleanSpark Agrees to Acquire Bitcoin Miner ATL Data Center
December 10, 2020 GMT
CleanSpark, Inc. Logo (PRNewsfoto/CleanSpark, Inc.)
SALT LAKE CITY, Dec. 10, 2020 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK)(“CleanSpark” or the “Company”), an advanced software and controls technology solutions company, focused on solving modern energy challenges, today announced it has agreed to acquire ATL Data Centers, LLC (“ATL”) for up to $19.4 million in shares of the Company’s common stock.
This transaction represents the first strategic acquisition as part of a larger growth plan following CleanSpark’s recent $40M institutional investment. ATL creates a unique business opportunity as a full-scale, profitable demonstration facility for the Company. The property is currently served by two separate utility interconnections with entirely different rate structures that power individual segments of the business. CleanSpark plans to deploy its software technologies and trade secrets to maximize energy savings, expand total power capacity, provide resilient electricity, and reduce greenhouse gas emissions. The Company anticipates that this will involve the design and installation of multiple microgrids at the facility. Each microgrid would be focused on a specific function, however, the fractal topology of the design will enable them to be interconnected to share power, creating resiliency as well as maximizing total facility efficiency. Since power resiliency directly supports increased profitability in data or processor intensive applications, the Company’s ability to deliver high power reliability is expected to demonstrably increase profitability of each segment of the existing business.