CleanSpark (CLSK) has partnered with Swiss wind turbine maker FlowGen to offer advanced wind turbine solutions worldwide. The arrangement will make CleanSpark the exclusive distributor of FlowGen’s wind turbines in America. Based in Utah, CleanSpark provides energy management solutions and also owns and operates a fleet of Bitcoin miners.
While CleanSpark will be selling FlowGen’s wind turbines, FlowGen will adopt CleanSpark’s mPulse controls solutions in all of its microgrid projects worldwide. The companies are counting on their partnership to deliver reliable and efficient systems to their shared customers as they advance renewable energy adoption.
The parties have started joint marketing of solutions that include FlowGen’s wind turbines, solar, and battery energy storage systems. CleanSpark sees the arrangement with FlowGen extending the application of its technology beyond solar to the wind energy market to give it exposure to a bigger customer base.
“This partnership further demonstrates the flexibility of our controls technologies…Wind energy is a powerful resource that has the ability to enhance the operating characteristics of microgrids across a variety of applications,” commented CleanSpark CEO Zach Bradford.
CleanSpark is using profits from its Bitcoin mining to advance its renewable energy business. It hopes all its businesses will eventually benefit from its work with FlowGen. (See CleanSpark stock analysis on TipRanks)
H.C. Wainwright analyst Amit Dayal reiterated a Buy rating on CleanSpark stock with a price target of $50, which implies 183.2% upside potential.
The analyst believes Tesla’s halt of bitcoin payments over the cryptocurrency’s environmental impact bodes well for CleanSpark as it uses renewable energy.
“We believe CleanSpark should be a beneficiary of any transition towards cleaner Bitcoin mining,” noted Dayal.
Consensus among analysts on Wall Street is a Moderate Buy based on 2 Buy ratings. The average analyst price target of $47.50 implies 168.5% upside potential to the current price.
CLSK scores a 7 out of 10 on TipRanks’ Smart Score rating system, suggesting the stock’s returns are likely to align with the market performance.
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