Capstone Applauds the Introduction of American Microturbine Manufacturing and Clean Energy Deployment Act - H.R. 4428
CHATSWORTH, Calif., April 11, 2014 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, applauds the introduction of the American Microturbine Manufacturing and Clean Energy Deployment Act H.R. 4428 in the House of Representatives by Congresswoman Linda Sanchez (CA-39).
"I'm proud to sponsor legislation that builds on the great American tradition of innovation and manufacturing. It promotes investment in the clean energy economy and will help our country create new high-paying jobs," said Congresswoman Sanchez. "It also protects our communities by reducing air pollution and greenhouse emissions. Microturbine technology is an efficient thermal energy and clean electrical power source, and it's about time for it to join solar power and wind power in the national conversation for clean energy solutions."
The American Microturbine Manufacturing and Clean Energy Deployment Act would provide a 30% investment tax credit for microturbines, providing parity with tax incentives offered to fuel cells and renewable technologies. Microturbines are highly efficient engines with low emissions that supply clean, distributed, uninterrupted power. Unlike traditional reciprocating engines, Capstone microturbines use an air bearing, eliminating the need for lubricants or coolants. Microturbines can help improve the resiliency of critical facilities in the case of grid failure. Overall energy efficiency of microturbines can reach 90%, surpassing many traditional power generation options. Capstone recently received a certificate from the US Environmental Protection Agency Combined Heat and Power Partnership recognizing the role Capstone's microturbine technology has had in removing more than 3 million metric tons of carbon dioxide with cogeneration projects alone. This award further highlights and quantifies the clean and green impact of Capstone microturbines.
H.R. 4428 promotes investment in clean energy while simultaneously helping create American jobs. Microturbine technology was invented in the United States where the overwhelming majority of the world's microturbines are manufactured today. By advancing smart tax policy and regulations to help businesses expand and grow, H.R. 4428 would enable American microturbine producers to triple their domestic manufacturing. The bill will also eliminate the project size restriction placed on microturbines in the current tax code, opening the door to larger deployment opportunities.
"Capstone is the world's leading manufacturer of clean microturbine energy systems. We are proud to have the sponsorship of Congresswoman Sanchez in her continued support of American manufacturing, clean energy, and energy efficiency," said Darren Jamison, President and CEO of Capstone Turbine Corporation. "With the greater majority of microturbines being manufactured in the United States, H.R. 4428 will help grow the domestic market for microturbines. If this bill is successful, a greater number of American businesses will achieve energy independence with high efficiency, driving down operating costs and helping make their core business more competitive."
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 approximately 7,000 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, United Kingdom, Mexico City, Shanghai and Singapore.
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This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the effects of the American Microturbine Manufacturing and Clean Energy Deployment Act on our business. 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.
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Released April 11, 2014