Capstone Executes a 15 Year Comprehensive Service Contract for a Renewable Fuel 800KW System at a California Landfill
VAN NUYS, CA / ACCESSWIRE / February 1, 2021 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading manufacturer of clean technology microturbine energy systems, announced today that Cal Microturbine, Capstone's exclusive distributor for California, Hawaii & Nevada and nonexclusive for Oregon and Washington (www.calmicroturbine.com), signed a new 15-year Factory Protection Plan (FPP) long-term comprehensive service contract for a C800S Capstone Microturbine (800 kilowatts) installed at a landfill in Southern California.
Cal Microturbine originally commissioned the "CR" (Capstone Renewable) Signature Series C800S microturbine system in January 2020. The Capstone microturbine based system operates 24x7, converting landfill-generated methane, which would otherwise be flared, into electricity. The Capstone FPP will provide the customer with fixed, predictable costs for scheduled, and unscheduled parts requirements for the next 15 years.
Capstone Renewable Microturbines Help the Green Economy & Environment
"Projects like this demonstrate the broad array of green energy solutions that Capstone has to offer, all anchored by our innovative microturbine technology," stated Darren Jamison, President and Chief Executive Officer of Capstone Turbine Corporation. "By using gas produced from a landfill to produce energy and reduce emissions, Capstone contributes to the growth of the California green economy," added Mr. Jamison.
Capstone's innovative FPP is a comprehensive maintenance program designed to give financial peace of mind to Capstone customers by providing product life cycle costs at a fixed rate for both scheduled and unscheduled maintenance for the life of the microturbine system. Additionally, the recently updated FPP protects microturbine customers from potentially dramatic future increases in life cycle costs associated with changes in replacement spare parts pricing, commodity price increases, import tariffs, and interest rate changes.
"With this long-term maintenance contract for this critically important renewable project, Cal Microturbine now has a 36 megawatt fleet under Capstone FPP contracts, with potential additional new contracts in the pipeline," stated Jeff Foster, Capstone's Senior Vice President of Customer Service and Product Development. "This makes Cal Microturbine's fleet our second largest FPP fleet globally," concluded Mr. Foster.
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 February 1, 2021