Capstone Turbine (NASDAQ:CPST) Secures Energy Efficiency Order For Large Residential Complex in Queens, New York
The Combined Cooling Heat and Power (CCHP) Application is Expected to Improve Resiliency and Reduce Greenhouse Gas Emissions
VAN NUYS, CA / ACCESSWIRE / January 20, 2021 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading manufacturer of clean technology microturbine energy systems, announced today that it has received an order for a 600 kilowatt (kW) Signature Series (C600S) microturbine from a privately held real estate company with a portfolio of industrial and residential real estate assets. RSP Systems, Capstone's exclusive distributor in New York, Connecticut and Ohio (www.rsp-systems.com), secured the order for the unit, which is expected to be commissioned in the summer of 2021.
The Capstone C600S microturbine system will be installed at an expansive residential complex in Queens, New York, which consists of several high-rise and low-rise buildings. The low-pressure natural gas-fueled microturbine will be deployed in a combined cooling, heat and power application (CCHP) and will utilize steam to support a range of thermal loads, including heating, domestic hot water and cooling.
New York State's recent statewide budget legislation included support for dramatically speeding up the construction of clean energy projects to combat climate change and help jumpstart the state's economic recovery from the COVID-19 health crisis. The Climate Leadership and Community Protection Act will accelerate progress towards Governor Cuomo's nation-leading clean energy and climate goals -- including the mandate to obtain 70 percent of the state's electricity from renewable sources by 2030 and reduce carbon further through improved energy efficiency.
"This is another great New York project for RSP Systems to add to their recent wins at One Vanderbilt and the two projects in the Hudson Yards District, Manhattan West's South East Tower and the Manhattan West North East Tower earlier this year," said Darren Jamison, President and Chief Executive Officer of Capstone Turbine Corporation. "RSP Systems knows that a reliable, secure power system is an essential component of their New York customer's business plans and works closely with their customers to fully understand their specific requirements, allowing for delivery of the most cost-effective system available," added Mr. Jamison.
The Capstone C600S microturbine will be installed in dual mode configuration, which means the system can run parallel with, or separate from, the electric utility grid. This ensures the facility has secure and reliable power even during grid outages with no operational downtime.
Executives for the project sought an efficient and reliable energy system that required minimal maintenance and is environmentally friendly. They turned to RSP Systems and Energy Concepts, a leading engineering consulting firm with over 100 CHP plants in operation, for an innovative solution that would increase energy efficiency, lower overall electricity usage, and meet ambitious greenhouse gas (GHG) emissions reduction targets. Capstone's microturbine technology was selected as the ideal solution to accommodate the development's wide-ranging goals.
"We are pleased the installation will meet the customer's desire for lower energy costs," said Cory Glick, President of RSP Systems. "It also provides energy resilience for the residents since the system provides back-up power in the event of a grid power outage," added Mr. Glick.
"RSP Systems is excited to be part of this microgrid project, which integrates Capstone's CHP system with an existing solar array and provides grid support services," said Bruce Beckwith, Executive Vice President of RSP Systems.
The New York State Energy Research and Development Authority (NYSERDA), which offers innovative programs, technical expertise and funding to help consumers increase energy efficiency, provided incentive funding to support resiliency efforts for the development project.
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.
Cautionary Note Regarding Forward-Looking Statements
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. "Capstone" and "Capstone Microturbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
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Released January 20, 2021