By Chris Wack

CleanSpark Inc. shares were up 15% to $3.56 after the company said it and ReJoule, a battery diagnostics and optimization company, were awarded a grant from the California Energy Commission.

The grant for about $2.9 million is slated to be deployed over the next 30 months. The funds will be distributed to the multi-group partnership of clean energy and technology companies.

ReJoule and CleanSpark said they will be further supported by Ford Motor Co., BigBattery, and GRID Alternatives. CleanSpark expects to receive $470,000 of the grant funding for its microgrid design and mVSO software services and follow-on deployment of its mPulse software and controls. CleanSpark has also agreed to provide more than $88,000 in matched funding.

The California Energy Commission grant proposal was for Validating Capability of Second-life Batteries to Cost-Effectively Integrate Solar Power for Small-Medium Commercial Building Applications. The goal is to deploy second life batteries from electric vehicles for use in a microgrid application.

Ford will be supporting the project by donating used EV battery modules and providing the ReJoule team with technical support from Ford's Greenfield Labs based in Palo Alto, California.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

July 09, 2020 10:20 ET (14:20 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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