Capstone Green Energy (NASDAQ:CGRN) Receives Two Orders for Innovative Carbon-Neutral Renewable Energy Systems
New Systems will Supply Cost-Effective, Clean Generating Power Using Innovative Biomass Fuels to Provide a Carbon-Neutral Solution
VAN NUYS, CA / ACCESSWIRE / September 23, 2021 / Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, announced today that it has received two orders for externally fired microturbines through its global energy conversion partner, Professor Dr. Berg & Kießling GmbH (B+K) as the generating component within the company's innovative ClinX system.
The first ClinX system is for a metal processing plant in Brandenburg, Germany. The externally fired Capstone C65 will be part of a Combined Heat and Power (CHP) system that is expected to provide 80% of the facility's electrical demand, and when adding energy storage, the system should meet all the electric demands of the facility. The system should also provide 100% of the heat required for the drying chambers used in the coating process. Fueled by wood chips sustainably harvested from surrounding forests, this renewable energy system will be completely carbon-neutral, helping the customer achieve its green energy goals.
The second system is part of an upgrade to an existing system currently installed at a municipal utility in Hessen, Germany. The upgraded CHP system will feature a Capstone C200 and use a variety of waste products (heterogeneous biomass) as a fuel by way of a pyrolysis process. Not only should the self-sufficient energy system generate 100% of the facility's electricity, but it will also provide heat energy for the drying process that prepares the pyrolysis materials. Any unused waste heat can be converted into a higher-quality energy source of electricity.
Both systems are expected to be commissioned in early 2022.
"In the case of the metal processing plant, the shift to 100% renewable energy will have benefits beyond cost savings and energy efficiency, including expanding the company's ability to bid on projects that have strict environmental requirements," said Sebastian Kießling, Executive Partner at B+K. "For the municipal utility, the use of post-combustion power generation using an externally-fired microturbine will significantly improve the economics of the project."
"Clearly, there are enormous upsides to carbon-neutral projects like these, and new partners like B+K are critical to the expanded solutions-based business model we launched on Earth Day earlier this year," said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. "Whether we're talking about leveraging sustainable and renewable sources, waste byproducts, or hydrogen, fuel flexibility has always been at the very heart of our innovative microturbine technology. We're excited that these projects demonstrate to other entities and businesses that the path to a green energy future can and does align with their financial goals."
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 23, 2021