Capstone Green Energy (NASDAQ:CGRN) Expands its Energy as a Service (EaaS) Business by Securing a 2 MW Long-Term Rental Contract
VAN NUYS, CA / ACCESSWIRE / July 9, 2021 / Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN), formerly Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST) ("Capstone" or the "Company"), announced today that it signed a contract for a two megawatt (MW) long-term rental contract as it continues to expand its microturbine rental business as part of its growing Energy as a Service (EaaS) business model.
The new, multi-year rental contract provides two C1000 Signature Series microturbines scheduled to be installed by the end of the current fiscal year. They will be used in an industrial combined heat and power (CHP), energy efficiency application configured with ten of Capstone's Integrated Heat Recovery Modules (iHRM) to produce thermal energy. The customer will use the hot water generated from the units in its manufacturing process, thereby improving their overall energy efficiency, saving money, and reducing the site's carbon footprint.
This contract was secured by Capstone's local distribution partner, Cal Microturbine, Capstone's exclusive distributor for California, Hawaii, and Nevada and nonexclusive for Oregon and Washington (www.calmicroturbine.com).
"Expanding Capstone's Energy as a Service business, which includes the long-term rental program, is an important element for the company achieving its profitability goals. Capstone is a proud green energy company, having focused for a long time on transforming the way businesses think about on-site energy production," said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. "Today, we are excited to be able to offer our customers Energy as a Service and strengthen our commitment to creating smarter energy for a cleaner future, as carbon reduction has increasing value to our customers," added Mr. Jamison.
About Capstone Green Energy
Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are driven by the Company's industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company's microturbine energy systems.
For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.
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 for green initiatives and execution on the Company's growth strategy and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. 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; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; 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 Green Energy
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Released July 9, 2021