CleanSpark completes acquisition of Solar Watt Solutions for US$3.85mn

CleanSpark, a diversified software, and services company, has completed the strategic acquisition of Solar Watt Solutions. The company provides solar and alternative energy solutions for homeowners and commercial businesses.

Based on the achievement of certain performance objectives, total consideration for the transaction will be up to 477,703 shares of the Company's common stock and up to US$3.85 million in cash. 

Solar Watt is a Carlsbad, California-based company, founded in 2009 by David Watt. Solar Watt provides solar and alternative energy solutions for homeowners and commercial businesses throughout Southern California. The acquisition is expected to immediately expand and accelerate CleanSpark's residential initiative by integrating experienced energy storage and solar sales and installation team.

Solar Watt has been focused on serving the fire-prone communities throughout California by utilizing the Self Generation Incentive Program (SGIP), which provides homeowners who have medical needs and reside in vulnerable zones with the opportunity to add energy storage to their homes at little or no cost. The Company's mVoult product line for residential microgrids will provide opportunities for both companies to expand quickly throughout the state of California and beyond.