Capstone Green Energy (NASDAQ: CGRN) To Provide Ontario Greenhouse with Clean Combined Heat and Power Microgrid Solution
Microgrid To Be Built Around Capstone's Low Emission C1000S Microturbine System
VAN NUYS, CA / ACCESSWIRE / September 10, 2021 / Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, announced that its North American distributor, Vergent Power Solutions, has signed an agreement to provide an energy efficient, low emission, one-megawatt Combined Heat and Power (CHP) microturbine for a large greenhouse expansion in Ontario, Canada.
Fueled by high pressure clean burning natural gas, the new off-grid system featuring Capstone's C1000S will provide 24/7/365 power to the farm's 100-acre indoor greenhouse expansion, an operation that requires a high degree of uptime and low maintenance. The design will feature inverter-based electronics to synchronize with a solar photovoltaic (PV) array in a standalone microgrid. Capstone microturbines should allow the site to have virtually 100% availability, resulting in seamless greenhouse operations. Further, the system will be designed to use the microturbines' waste heat to both produce hot water and to provide clean carbon dioxide to the greenhouse. The systems is planned for commissioning in spring 2022, and is expected to achieve a total system energy efficiency of close to 90%.
"As Ontario's greenhouse industry has continued to expand, its power requirements have outpaced the capabilities of the local electric utilities. This has resulted in many greenhouses going off-grid and using CHP as the primary source of energy for their operations," said Justin Rathke, President of Vergent Power Solutions. "The customer chose Capstone due to the technology's high uptime, low maintenance requirements, redundant bay design and clean emissions," added Mr. Rathke.
"Modern farming practices are evolving in exciting new ways, and their energy strategies need to evolve with them," said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. "Capstone solutions deliver essential power reliability and energy efficiency that indoor farming operations require, which, in turn, improves their return on investment. At the same time, our systems lower their carbon footprint, which critically important for an industry dependent on a healthy environment," concluded 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 September 10, 2021