Capstone Green Energy Corporation (NASDAQ:CGRN) Secures 5-Year Service Contract on Butane-Fueled C1000S at AGL Energy's LPG Facility in Australia
VAN NUYS, CA / ACCESSWIRE / July 14, 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 Optimal Group, Capstone's exclusive distributor for Australia, signed a new 5-year Factory Protection Plan (FPP) service contract for a Capstone Signature Series C1000S 100% butane-fueled system already installed in Australia.
The Capstone Signature Series C1000S is owned and operated by AGL Energy, one of Australia's largest fully integrated energy company, with a 184-year proud history of innovation and a passionate belief in environmental progress.The Capstone C1000S microturbine-based system operates on 100% butane, which is a byproduct obtained during the processing of more valuable gases, which makes this one of the first applications of its type, offering more global expansion potential.
Commissioned in June 2020 at the remote Wallumbilla LPG facility located five hours outside of Brisbane, the system operates in grid connect mode supporting the plant's power requirements of 200kW and exporting approximately 800kW of excess power onto the local electric utility grid. According to Optimal Group's calculations, this installation will return a savings of approximately $800,000 AUD ($600,000 USD) annually compared with the previous mid-1980s reciprocating internal combustion engines.
The Capstone Green Energy FPP is designed to provide five years of comprehensive maintenance, giving the end-use customer financial peace of mind, and protecting the installation from potentially costly unscheduled maintenance. In addition, the program shields end-use customers from future cost increases associated with replacement spare parts, import tariffs and commodity pricing in a supply-strained world.
"For this industry, the installation signals a progressive approach with significantly reduced emissions, improved environmental footprint and decreased noise pollution," stated Tracy Chidbachian, Capstone Green Energy Director of Customer Service. "Meeting the customer's operational needs for a secure and stable power supply in a remote location, and doing so in an environmentally responsible manner, while providing the customer financial savings is key to what Capstone Green Energy brings to the evolving energy market."
"This being one of the first 100% butane Capstone microturbine installations is a significant triumph for the environment. The butane byproduct will be used to power the Capstone low emission microturbines, making this a repeatable waste-to-energy project," said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. "Capstone continues to endeavor to change the energy landscape by generating ultra-low emission energy from what, until now, has been widely regarded as a costly waste fuel that must be safely disposed of, and turning it into a solution that reduces AGL's overall carbon footprint and is expected to save them money annually for the next 20 years."
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 14, 2021