Inventive Renewable Energy Storage Systems Reveal New Possibilities

FinancialBuzz.com News Commentary

NEW YORK, May 9, 2019 /PRNewswire/ -- Climate change is a major concern on every countries' agenda. With the rise of the massive industries and the proliferation of vehicles, non-renewable resources such as oil and fossil fuels are rapidly depleting. Consequently, the constant use of these resources is causing adverse effects on the globe. Climate change generally occurs as a byproduct of natural forces such as the Sun, volcanoes, or even the Earth's orbit. However, the use of non-renewable powered applications is negatively accelerating climate change. The Committee on Climate Change reported that CO2 emissions have increased by over 400% since 1950. The alarming rates have thus prompted many companies to transition towards manufacturing cleaner energy sources. In particular, energy storage solutions have become a major topic of discussion in recent times. Energy storage systems consist of equipment that can conveniently store multiple forms of energy which can be utilized at any time. For instance, many energy storage solutions run on lithium-ion batteries, however, other solar or wind-powered solutions can harness power directly from the Sun or wind. Moreover, many of these energy solutions store the harnessed energy, providing consumers with power in case the Sun is overshadowed or there aren't winds on a particular day. Furthermore, the energy storage market is continually witnessing heavy investments from both the public and private sectors. According to Allied Market Research, the energy storage systems market is expected to reach USD 264.95 Billion by 2022 while exhibiting a CAGR of 6.4%. Cleanspark, Inc. (OTC: CLSK), General Electric Company (NYSE: GE), Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEGI), JinkoSolar Holding Co., Ltd. (NYSE: JKS), Panasonic Corporation (OTC: PCRFY)

Energy storages are complex grid systems that have to meet both power supply and demand equally, according to the Union of Concerned Scientists. For instance, when there is more supply than demand, such as during the night, the excess electricity can be used to power storage devices. When the demand outweighs supply, energy is then discharged back into the grid. In 2017, the installed capacity of energy storage was approximately 6,275.4 megawatt (MW), according to Prescient & Strategic Intelligence. By 2023, capacity is expected to reach 51,426 MW, witnessing a CAGR of 42.5%. According to the California Energy Commission, one MW is roughly enough electricity to supply 750 homes at once. A typical American household uses about 7.2 MW-hours of electricity each year. However, large-scale cities such as New York City uses about 11,000 MW-hours of electricity on average each day. "Because some renewable energy technologies – such as wind and solar – have variable outputs, storage technologies have great potential for smoothing out the electricity supply from these sources and ensuring that the supply of generation matches the demand," said the Union of Concerned Scientists. "Energy storage is also valued for its rapid response – most storage technologies can begin discharging power to the grid very quickly, while fossil fuel sources tend to take longer to ramp up. This rapid response is important for ensuring stability of the grid when unexpected increases in demand occur."

Cleanspark, Inc. (OTCQB: CLSK) earlier today announced breaking news that, "it has secured a $2.5 million order for its intelligent automatic transfer switch (ATS) switchgear. The Company's Intelligent ATS switchgear is used to automatically transfer power supply from its primary source to a backup source when it senses a failure or outage in the primary source, thus assuring uninterrupted power. It also allows the end user the opportunity to participate in regional energy markets when it makes financial sense to sell surplus power back to the grid.

CleanSpark's new order is to a current customer that provides back-up power solutions and microgrids to its clients.  The end user of the Company's intelligent ATS switchgear from this order is a regional grocer located in the state of Texas.  In addition to the $2.5 million order, this week, the Company also shipped the first units of a limited trial contract for an order of its intelligent ATS switchgear for end use by one of the nation's largest retailers, with over 6,300 stores in the US.  If successful, this trial could result in a significant number of additional units during the next couple of years.

'Our continued order wins are the result of the high quality of our products and the close relationships that we have with our customers.  This new order will provide improved visibility in upcoming quarters and contribute to our strong growth outlook.' said CEO of CleanSpark, Matthew Schultz.

Mr. Schultz continued, "We are particularly excited about the trial that is taking place with a large national retailer and are optimistic of a successful outcome.  If successful, this would result in very significant orders having a positive impact on our business for the next several years.  As grid related power outages become disruptive to business operations, we think the need for backup power sources will drive increased demand for our products."

About CleanSpark, Inc: CleanSpark provides advanced energy software and control technology that enables a plug-and-play enterprise solution to modern energy challenges. Our services consist of intelligent energy monitoring and controls, microgrid design and engineering, microgrid consulting services, and turn-key microgrid implementation services. CleanSpark's customers include not only energy consumers but the distributed energy ecosystem at large: developers, installers, EPCs, IPPs, and energy storage vendors. CleanSpark's software allows energy users to obtain resiliency and economic optimization. Our software is uniquely capable of enabling a microgrid to be scaled to the user's specific needs and can be widely implemented across commercial, industrial, military, agricultural and municipal, deployment.For more information on CleanSpark, please visit http://www.cleanspark.com."

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General Electric Company (NYSE: GE) drives the world forward by tackling its biggest challenges. GE Renewable Energy recently announced that is had reached an agreement with Helios Energy to deliver two energy storage systems to be integrated with solar arrays for the Lenox Solar / Energy Storage project in Lenox, NY. The hybrid system will be installed in upstate New York at the end of 2019 and is expected to reach commercial operation in the second quarter of 2020. The project will enable dispatchable renewable energy penetration into the grid, helping power New York state with reliable renewable energy. Seamlessly integrating solar and storage solutions together enables an overall higher availability and capacity factor while delivering dispatchable and predictable renewable energy into the grid. The battery system will store the energy that the solar field generates during the day when the sun shines and allow the site to meet power requirements during other peak demand periods. The system will use a direct DC coupled configuration with a single inverter and single point of interconnection shared by the solar array and the storage system, helping improve the overall energy output of the hybrid system while optimizing equipment and installation costs and increasing the overall system reliability. "The world is seeing an increased penetration of renewable generation, driven by the declining Levelized Cost of Electricity (LCoE) of wind and solar," says Rob Morgan, Energy Storage Chief Executive Officer, GE Renewable Energy. "In addition, with the context of declining costs of battery storage, combining renewable energy generation sources together with storage will help unlock new revenue and value streams in the renewable hybrid industry and accelerate the energy transition to more renewables."

Pattern Energy Group Inc. (NASDAQ: PEGI) (TSX: PEGI) is an independent power company listed on the Nasdaq Global Select Market and Toronto Stock Exchange. Pattern Energy Group 2 LP recently announced it has completed construction and begun operations at its 79.75 megawatt (MW) Stillwater Wind facility located in Stillwater County, Montana. Pattern Development is a leader in developing renewable energy and transmission assets. With a long history in wind energy, Pattern Development's highly-experienced team has developed, financed and placed into operation more than 4,500 MW of wind and solar power projects. Stillwater Wind has a 25-year Power Purchase Agreement for 100% of the energy produced. The facility interconnects to the local transmission provider's 230-kV transmission line via a newly constructed 230-kV switching station. "Our first wind power facility in Montana is now generating numerous benefits for the state, including strong jobs and millions of dollars in tax revenue, while producing enough clean energy to power 23,000 homes each year without any emissions," said Mike Garland, Chief Executive Officer of Pattern Development. "We're working on our second wind project in Montana and we look forward to creating more jobs and economic benefits from the state's vast natural wind resources."

JinkoSolar Holding Co., Ltd. (NYSE: JKS) is a world-renowned solar module manufacturer. JinkoSolar Holding Co., Ltd. recently announced that it is working with SchneiTec Group, a Cambodian real estate developer to build a 60-megawatt (MW) solar farm in Kampong Speu province, Cambodia. The solar farm will use more than 200,000 solar modules from JinkoSolar, and will add significantly to Cambodia's fast-growing renewable capacity. Installation work began on January 2019 and the project is expected to start operation in December 2019. The project will supply power to Electricite du Cambodge (EDC). Once completed, it will become one of Cambodia's largest solar farms as well as one of the largest solar farms in Southeast Asia. "The region's booming population, strong economic growth, and abundant sunlight represent an exciting opportunity for solar, as well as for JinkoSolar," said Gener Miao, Vice President of global sales and marketing of JinkoSolar. "This 60MWs solar installation is just the first step towards an abundant and vibrant renewable energy future in Cambodia."

Panasonic Corporation (OTC: PCRFY) of North America is a leading technology partner and integrator to businesses, government agencies and consumers across the region. Panasonic Eco Solutions of North America and Pika Energy recently announced reduced pricing for the Harbor Smart Battery portfolio, providing solar system homeowners with more affordable access to industry-leading energy storage capacity1 and increased independence from the grid. Reduced pricing of the Harbor Plus™ and Harbor Flex™ Smart Batteries is made possible due to Panasonic and Pika's robust supply chains as well as enhanced manufacturing capabilities and scale efficiencies achieved through increased consumer demand. As new policies such as time-of-use rates are enacted, energy storage increasingly enables consumers to reduce their energy bills while also enjoying enhanced resiliency and peace of mind. However, the benefits of energy storage go beyond cost savings, as storage is a safeguard against grid outages, especially longer duration events caused by natural disasters. With recent wildfires, hurricanes, earthquakes and other natural or man-made disasters leaving communities without electricity for extended periods of time, energy storage is essential in certain regions and areas affected by severe weather events. It is expected that these cost reductions will accelerate the deployment of energy storage more quickly into these regions. "The Panasonic and Pika partnership has yielded some of the highest-performing battery solutions in the industry," said Mukesh Sethi, General Manager, solar and energy storage division at Panasonic. "Our mission is to provide efficient, reliable and secure power sources to those who need it most. The Harbor Plus™ and Harbor Flex™ Smart Batteries provide homeowners with access to stored energy in the face of a severe weather incident and extended grid outages."

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