CleanSpark creates JV to import Personal Protective Equipment for US hospitals battling coronavirus; shares jump

CleanSpark Inc (NASDAQ:CLSK) announced Thursday it has created a joint venture with members of its multinational supply and distribution channel partners to import Personal Protective Equipment (PPE) for US hospitals battling the coronavirus (COVID-19) pandemic. The company said the JV has already secured significant quantities of N-95 masks, KN-95 masks, gowns, gloves and other PPE to be supplied to hospitals and frontline medical personnel in dire need while fighting the outbreak. Meanwhile, CleanSpark’s stock recently jumped 240% to $3.70 a share in New York following the announcement.  READ: CleanSpark gets $577K order for ATS switchgear technology to power grocery stores amid coronavirus “CleanSpark is pleased to have the opportunity to leverage our existing relationships and commit our resources to provide relief within the constrained supply chain for certain medical equipment,” said CEO Zach Bradford in a statement. “Our capital participation will allow the JV to increase the quantities of PPE’s our partners can procure for shipment to the US.”  He said CleanSpark is anticipating “a reasonable return on investment for our participation to the benefit of the shareholders as well as the end users of the equipment" by ensuring that the PPE is supplied at fair prices to those most in need.  “The JV partners have long-standing import relationships and as such, have secured competitive pricing on the otherwise unavailable Personal Protective Equipment,” he added.  CleanSpark, based in Salt Lake City, makes software for energy microgrids, allowing them to be scaled to a user's specific needs and implemented across the commercial, industrial, military and agricultural sectors. Contact the author: patrick@proactiveinvestors.com Follow him on Twitter @PatrickMGraham