Assuming CleanSpark's owners exercise the warrants and the vesting of the shares at the conclusion of the lock-up period, the Group may hold up to 39.1% of the issued and outstanding Stratean shares.
At closing, CleanSpark holders will own approximately 22.3% of the issued and outstanding Stratean shares (after giving effect to the acquisition). The shares are subject to a one-year lock-up period designated by the agreement. microgrid market which is projected to increase almost 300% from $225 million in 2016 to nearly $1 billion in 2020."Īs consideration, CleanSpark's existing unit holders "CleanSpark" are entitled to 6 million Stratean common shares ("shares") and 4.5 million warrants at a strike price of $1.50 with a five-year expiration. By integrating our technologies, we are positioning Stratean at the forefront of the U.S. "The success of the company's existing installation at Camp Pendleton clearly demonstrates the market viability and efficacy of the technology as the pursuit of clean, reliable and secure energy accelerates.
#Stratean cleanspark software
"CleanSpark has invested nearly $8 million to develop and bring to market its mPulse software technology used in FractalGrid deployments," continued Schultz. By providing CleanSpark with an infusion of capital and complete access to a baseload source of renewable energy, we plan to integrate the technologies into a unified solution that will take both our patented gasifier and CleanSpark's offerings to the next level."
Matthew Schultz, Chief Executive Officer of Stratean, Inc., commented, "This acquisition combines the revolutionary, energy management software and technologies of CleanSpark with our innovative gasification technology to enable end-to-end, completely autonomous power to microgrid energy systems. Stratean's gasifier is capable of providing a baseload energy source to augment CleanSpark's energy management software and control platform technology, sold under the mPulse brand, enabling customers to gain further independence from the energy grid. CleanSpark has existing, executed contracts with a military base, a golf course, and other campuses to deploy and maintain solar microgrids, utilizing CleanSpark's innovative software to manage energy consumption and production. The acquisition transfers ownership of CleanSpark's operational subsidiaries, patent-pending fractal grid software technology, contracts, patents, other software and related assets to Stratean.
The acquisition provides Stratean with a revenue-generating platform and significantly expands the capabilities of Stratean in the rapidly growing renewable energy sector. ( SRTN), the developer of a patented and revolutionary "stratified" downdraft gasifier, today announced the company has acquired CleanSpark, a leading provider of engineering, software and controls for innovative distributed energy resource management systems, in an all-equity transaction valued at approximately $36 million. SALT LAKE CITY, UT / ACCESSWIRE / J/ Stratean, Inc. CleanSpark Has Executed Multi-Year Contracts to Provide Distributed Energy Resource Management Systems at Military Bases Acquisition Combines Stratean Gasification Technology with Advanced Energy Software Technology to Enable End-to-End Renewable, Reliable Energy Management
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