Capstone Receives Major Order for Global Real Estate Development and Investment Firm
CHATSWORTH, Calif., May 28, 2013 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean-technology manufacturer of microturbine energy systems, today announced it received a major order for one of the most prominent privately held real estate and investment firms in the United States. Capstone distributor RSP Systems, headquartered in Bronx, NY, secured the significant order.
The order for multiple buildings is from New York based Related Companies, a highly regarded entrepreneurial innovator and industry leader in environmentally conscious real estate development.
The company's initial order includes multiple Capstone C65 and C200 Dual Mode microturbines that are expected to be installed over the next two years in several of its new best-in-class office buildings, apartments, and mixed-use properties. Some of the sites will feature combined heat and power (CHP) applications; others will operate in combined cooling, heating, and power (CCHP) applications.
A strong advocate of cogeneration and green building worldwide, Related Companies is deeply committed to sustainable building design with over $10 billion in green development underway or completed. The firm secured the Capstone microturbines for several new developments throughout the New York City area. The low-emission Capstone microturbines will displace utility power and also provide heat, domestic hot water, chilled water, and back-up power, depending on the site.
The Capstone microturbines will be installed in a variety of Related's new construction projects, including several of the buildings at Hudson Yards, the largest private mixed-use development ever undertaken in New York City being developed by Related Companies and Oxford Properties Group. The natural gas Capstone C200 microturbines will provide 1.2 MW of primary trigeneration power and backup capabilities at the first commercial tower at Hudson Yards. In addition, C65 turbines will be deployed at Hunters Point South Parcels A and B, the first two buildings of New York City's ambitious 5,000 unit development of affordable and workforce housing on the waterfront in Long Island City, Queens.
"Related Companies understands the importance of reliability, low-emissions, and extremely low maintenance requirements for its on-site power systems," said Jim Crouse, Capstone's Executive Vice President of Sales and Marketing. "Its decision to incorporate Capstone's proven low emission technology is key in helping the company achieve its sustainability and economic goals, and ensure continuous power for residents and office workers. In addition to the long-term economic benefits, Related Companies understands that the ability to reduce emissions and greenhouse gases with the microturbines will truly pay dividends for future generations."
"Executives at Related Companies have already indicated they are interested in installing additional Capstone microturbines in other properties within their portfolio," said Cory Glick, RSP Systems President. "They know that power resilience is essential in today's buildings and Capstone's solution is the most reliable," added Glick.
About Related Companies
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed 40 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Abu Dhabi, Sao Paulo and Shanghai and an existing portfolio of real estate assets, valued at over $15 billion, made up of best-in-class mixed-use, residential, retail, office and affordable properties. Related has developed preeminent mixed-use projects such as Time Warner Center in New York and CityPlace in West Palm Beach and is currently developing the 26-acre Hudson Yards project on Manhattan's West Side. Related also manages over $1.5 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, Taft Hartley plans and family offices.
Related is staunchly committed to sustainable design with over $10 billion in green development underway or completed. Related also owns Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering, and a partnership interest in Union Square Events, the catering, culture, sports, and events business of Danny Meyer's Union Square Hospitality Group. For more information about Related Companies please visit www.related.com.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST) is the world's leading producer of low-emission microturbine systems, and was the first to market commercially viable microturbine energy products. Capstone Turbine has shipped over 6,500 Capstone Microturbine systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone Turbine is a member of the U.S. Environmental Protection Agency's Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation's energy infrastructure and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO 9001:2008 and ISO 14001:2004 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the New York Metro Area, Mexico City, Nottingham, Shanghai and Singapore.
The Capstone Turbine Corporation logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=6212
This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the environmental and long-term economic benefits of our products and the possibility of future orders for our products from Related Companies. Forward-looking statements may be identified by words such as "expects," "objective," "intend," "targeted," "plan" and similar phrases. These forward-looking statements are subject to numerous assumptions, risks and uncertainties described in Capstone's filings with the Securities and Exchange Commission that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
"Capstone" and "Capstone MicroTurbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
CONTACT: Capstone Turbine Corporation Investor and investment media inquiries: 818-407-3628 firstname.lastname@example.org
Released May 28, 2013