PALM BEACH, Florida, March 3, 2020 /PRNewswire/ -- The U.S. Senate is set to vote this week on an energy package that could increase federal funding for a number of energy technologies, including microgrids. Known as The American Energy Innovation Act, introduced by Sens. Lisa Murkowski, R-Alaska, and Joe Manchin, D-West Virginia, who referred to it as "our best chance to modernize our nation's energy policies in more than 12 years," as quoted by Green Tech Media. Reportedly, the bill contains hundreds of millions of funding for R&D into solar and wind power, energy storage, smart grid, electric vehicles, and other clean energy technology. Part of the bill includes $200 million per year for a series of Department of Energy programs aimed at "demonstrating how energy storage, microgrids and distributed energy resources such as EV chargers and behind-the-meter batteries can be integrated into today's power grids." News such as this is creating sizable opportunity for companies such as CleanSpark, Inc. (NASDAQ: CLSK), Generac Holdings Inc. (NYSE: GNRC), Ballard Power Systems Inc. (NASDAQ: BLDP), Duke Energy Corp (NYSE: DUK), and Advanced Energy Industries Inc. (NASDAQ: AEIS).
CleanSpark, Inc. (NASDAQ: CLSK) BREAKING NEWS: CleanSpark, Inc., a diversified software and intelligent energy services company today announced the shipment of it intelligent switchgear to support the new US Embassy located in Beirut, Lebanon and that its fiscal year to date revenues through February 29, 2020 exceeded $3.6 Million. CleanSpark's Chief Executive Officer, Zach Bradford stated "We have achieved significant progress this quarter on meeting our stated objective to increase our revenue. Our current fiscal year-to-date revenues of $3.6 million represent an increase of 467% over the same fiscal period in 2018. We believe we are on track to meet our projected revenue of $10 million for our 2020 fiscal year and achieve our corporate goal of profitability by the end of this calendar year."
Mr. Bradford continued, "These revenues include several significant orders including the shipment of the final components of an intelligent switchgear order, fulfilled by CleanSpark's Critical Power Division, for final delivery to the new US Embassy in Beirut, Lebanon."
Other related developments from around the markets include:
Generac Holdings Inc. (NYSE: GNRC) reported financial results for its fourth quarter and full-year ended December 31, 2019. "The fourth quarter was a great finish to a very strong 2019 with record performance for both the quarter and the full-year for net sales, adjusted EBITDA and free cash flow," said Aaron Jagdfeld, President and Chief Executive Officer. "Home standby demand was again robust during the quarter driven by California as public utility shut-offs drove a dramatic increase in interest for these products. We also made the first shipments of our new PWRcell energy storage system during the quarter, and the outlook for our clean energy products continues to exceed our expectations. Our full-year results for residential products were also exceptionally strong and broad-based, and we experienced similar trends with domestic C&I product shipments through our industrial distributors as the penetration of natural gas generators continues to accelerate. Additionally, shipments to our telecom national account customers for the full year increased significantly as they continue to expand and harden their networks in preparation for the impending rollout of 5G technology. We believe our 2019 performance is further evidence of the tremendous growth opportunities for Generac, and as we enter 2020 we are incredibly excited about the long-term prospects for our business."
Ballard Power Systems Inc. (NASDAQ: BLDP) will hold a conference call on Thursday, March 5, 2020 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review fourth quarter and full year 2019 operating results. The live call can be accessed by dialing +1-604-638-5340. Alternatively, a live webcast can be accessed through a link on Ballard's homepage (www.ballard.com). Following the call, the webcast will be archived in the 'Earnings, Interviews & Presentations' area of the 'Investors' section of Ballard's website (www.ballard.com/investors).
Duke Energy Corp (NYSE: DUK) has awarded a total of $28,500 to six Indiana economic development organizations to receive Foreign Direct Investment Partnership Program grants. Each organization was awarded up to $5,000. "We have to cultivate successful relationships with overseas customers to encourage them to invest in our Indiana cities and regions," said Erin Schneider, Indiana director of economic development for Duke Energy. "These grants will help supply funds for print or electronic collateral, sales trip coordination fees and marketing initiatives and materials." Grant funding does not include travel, lodging, food and beverage and entertainment expenses.
Advanced Energy Industries Inc. (NASDAQ: AEIS) announced that its newest facility in Penang, Malaysia has begun commercial operations and started to deliver products to our customers. Situated in the heart of Southeast Asia on the country's northwest coast by the Malacca Strait, the state of Penang has long served as an important outlet to the markets of Europe and the Middle East, making it an ideal location for Advanced Energy's state-of-the-art manufacturing facility. "These are exciting times for us as we expand in Southeast Asia to meet the region's growing presence in technology production," said Neil Brinker, executive vice president and COO of Advanced Energy. "With our global customer base and broad portfolio of precision power products, we continuously evaluate ways to optimize our production footprint and how to best serve our customers. The new facility in Penang will not only enable us to get physically closer to many of our customers in the region but also provide greater business continuity and redundancy." Advanced Energy's new 178,000 square-foot facility will manufacture a variety of its precision power supplies and generator products. When the factory is completed, it is expected to employ approximately 550 on-site associates inclusive of key roles in operations, electronics manufacturing, test engineering and new product introduction (NPI), with an estimated 35 percent comprised of technical staff.
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