Capstone Executes National Account Agreement with OfficePower and Announces Initial Order for Approximately $3.5 Million for New York Office Buildings
Capstone Turbine Corporation (www.microturbine.com) (NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that it has entered into a three-year National Account Agreement with OfficePower, Inc. In addition, OfficePower placed its initial order under the agreement for approximately $3.5M including the first order for C1000 MicroTurbine(R) systems to be deployed in the U.S. market. The C1000s will be installed in the following Class A office buildings in Manhattan:
-- 200 Park Avenue is a 58 story multi-tenant office building located in midtown Manhattan on 42nd street, abutting Grand Central station. 200 Park Avenue is the MetLife building, one of the most iconic buildings in Manhattan. -- 220 East 42nd Street, also known as "The News Building," is a 37 story multi-tenant office building in the heart of midtown Manhattan. Its landmarked lobby featuring a rotating globe was made famous in the Superman television series in the 1950's and it continues to attract visitors from around the world. -- 230 Park Avenue is a 34-story multi-tenant building located between 45th and 46th streets known as the Helmsley Building.
Located in Norwalk, Connecticut, OfficePower is a national power solution company providing proprietary, breakthrough solutions to the electric distribution problems facing commercial real estate. OfficePower's systems increase a building's power reliability and overall asset value by reducing the facility's consumption of grid power during high cost peak periods and providing the back-up power necessary to ensure the continued operation of critical tenant or building loads during service outages and other grid related disruptions.
"We are pleased to have entered into a National Account Agreement with OfficePower and, in particular, receiving the first order for our C1000 systems in the U.S. market," said Jim Crouse, Capstone's Executive Vice President, Sales & Marketing.
"OfficePower has a proven track record of successfully designing, installing and operating high efficiency distributed generated solutions in Class A office buildings," said Darren Jamison, President & CEO of Capstone Turbine Corporation. "OfficePower developed and implemented an integrated approach to combined heat and power installations that make distributed generation viable for the company and its customers. OfficePower's innovative and cost effective green solution is proving to be successful as demonstrated both by the 1350 Avenue of the America's installation and the other buildings that have become OfficePower's customers," added Jamison.
"We install, own and operate state-of-the-art Combined Heat and Power generating facilities in office buildings and are glad to be the first to introduce the new Capstone C1000 into Class A office buildings in New York," said Joel R. Wilson, CEO of OfficePower, Inc. "Mayor Bloomberg's leadership in energy and environmental policy supports the deployment of distributed generation technologies and we are proud to play a role in its implementation," added Wilson. "We are extremely pleased with our initial C60 Capstone turbine installation at 1350 Avenue of the Americas. This 720kW installation has experienced 99.4% availability over the last eighteen months and was a key factor in OfficePower moving forward with Capstone on this National Account Agreement. The C200 and C1000 demonstrate Capstone's ability to provide innovative, customer oriented, cost-effective solutions to our marketplace. We look forward to continue to make Capstone products, including the new C200 and C1000, available to our customers."
Every installed C1000 Capstone microturbine solution is equivalent to removing up to 700 average U.S. passenger vehicles from the road, based on EPA emissions and efficiency data for the average passenger vehicle, or the equivalent of planting 730 acres of pine and fir forest, based on CO2 reductions.
About Capstone Turbine
Capstone Turbine Corporation (www.microturbine.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 4,000 Capstone MicroTurbine(R) 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 9001:2000 and ISO 14001:2004 certified company; Capstone Turbine is headquartered in the Los Angeles area with sales and/or service centers in New York, Mexico City, Milan, Bath, Shanghai and Tokyo.
"Capstone Turbine Corporation" and "Capstone MicroTurbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
This press release contains "forward-looking statements," as that term is used in the federal securities laws, about new sales opportunities for Capstone for its C200 and C1000 MicroTurbines(R) and a successful working relationship with OfficePower, Inc. 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.
Source: Capstone Turbine Corporation
Released June 12, 2008