Capstone Turbine (NASDAQ:CPST) Continues to Expand Its Renewable Energy Business With Microturbine Order for a Sewage Treatment Plant in South Korea
The Order Marks the First Renewable Energy Signature Series Microturbine Product Sold in South Korea
VAN NUYS, CA / ACCESSWIRE / January 6, 2021 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced its first renewable energy C600 Signature Series microturbine order in South Korea, for the Nambu Sewage Treatment Plant (STP) in Busan. CY Tech, Capstone's exclusive distributor in South Korea (www.cytech.co.kr), secured the order for the biogas-fueled C600 Signature Series (C600S) microturbine, which is expected to be commissioned in August 2021.
As the second-most populous city in South Korea, Busan is home to nearly 3.5 million people. Busan City officials turned to CY Tech to help modernize the aging sewage treatment plant and increase plant capacity. A low-emission C600S microturbine will allow the City of Busan to yield significant benefits for their residents while simultaneously reducing the impact on the surrounding environment.
There is a growing transition to renewable energy sources and technologies on a global scale. Capstone microturbines are uniquely suited to cleanly and effectively run on renewable fuels such as methane and other biogases from landfills, wastewater treatment facilities, and renewable natural gas. They also run efficiently on other small biogas applications like food processing plants, breweries, livestock farms, and agricultural green waste operations. Microturbines can burn these renewable fuels with minimal emissions while simultaneously producing electricity from this "free" renewable fuel source for use at the site or in the surrounding areas.
"Increasing our top-line revenue has been an important goal of ours this fiscal year following our successful cost-cutting efforts, and expanding our geographic distribution coverage outside of North America and Europe is a key part of those efforts," said Darren Jamison, President and Chief Executive Officer of Capstone Turbine Corporation. "In addition, expanding our renewable energy business is also important as it is currently our third-largest market segment behind energy efficiency and natural resources, and provides significant opportunities for future growth as the world's nations look to accelerate use of green energy," added Mr. Jamison.
The biogas-fueled 600-kilowatt microturbine will be installed in grid connect mode, enabling the customer to operate with the utility grid in a load sharing capacity. Given the population's size, the facility will produce a considerable amount of biogas on a consistent basis utilizing an anaerobic digester. The microturbine based renewable energy system will be utilized in a combined heat and power configuration and run on biogas, or "green waste," to provide on-site power generation for the 12-building treatment facility.
Having demonstrated successful operation at several domestic sites within the region, city officials reportedly selected Capstone's technology for its strong performance, reliability, low noise, and minimal maintenance intervals. The microturbines are designed to simultaneously generate electricity and thermal energy from the biogas generated by the anaerobic digestion process and provide continuous operation, resulting in improved on-site efficiency.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ: CPST) is the world's leading producer of highly efficient, low-emission, resilient microturbine energy systems. Capstone microturbines serve multiple vertical markets worldwide, including natural resources, energy efficiency, renewable energy, critical power supply, transportation and microgrids. Capstone offers a comprehensive product lineup via our direct sales team, as well as our global distribution network. Capstone provides scalable solutions from 30 kWs to 10 MWs that operate on a variety of fuels and are the ideal solution for today's multi-technology distributed power generation projects.
For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: email@example.com. To date, Capstone has shipped nearly 10,000 units to 83 countries and in FY20, saved customers an estimated $219 million in annual energy costs and 368,000 tons of carbon.
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This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations, beliefs, plans, intentions, and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company's indebtedness; the Company's ability to develop new products and enhance existing products; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company's ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.
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Released January 6, 2021