CleanSpark acquires Solar Watt Solutions

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February 25 (Renewables Now) - Nevada-based CleanSpark Inc (NASDAQ:CLSK), which provides software solutions for the energy industry, on Wednesday said it has acquired California-based system integrator Solar Watt Solutions Inc in a cash-and-stock deal.

Subject to meeting certain performance objectives, the deal is expected to be worth up to 477,703 shares in CleanSpark and up to USD 3.85 million (EUR 3.15m) in cash.

The addition of Solar Watt, which helps businesses and homeowners install solar and energy storage capacity, will expand and speed up CleanSpark's residential initiative, while also expanding its presence in California.

Solar Watt is expected to contribute about USD 20 million in revenue over the next 12 to 18 months, with a potential for higher revenues as the business expands into new territories, CleanSpark's chief financial officer Lori Love commented.

(USD 1.0 = EUR 0.817)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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