Capstone Green Energy (NASDAQ:CGRN) To Provide 600 kW Trigeneration Power System for Luxury Hotel in Colombia
Three C200S Microturbines Will Deliver Electricity, Chilled and Hot Water
VAN NUYS, CA / ACCESSWIRE / October 1, 2021 / Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN), the world's leading clean technology manufacturer of microturbine energy systems, announced today it has secured a contract with its distributor for Colombia and Venezuela, Supernova Energy Services, (www.supernova-es.com) for three 200-kilowatt (kW) microturbines to provide a 600 kW power system to a luxury hotel in Cartagena, Columbia. As one of the first of its kind in the country, the trigeneration system will use clean burning high pressure natural gas to provide highly efficient energy as well as both chilled and hot water for the complex as condensation from the air conditioning system will be cooled with water from the system. In addition, the customer intends to add on two additional C200 microturbines in the future to match expected growth in power demand. This would result in a total system size of 1-megawatt (MW).
"The project is not only important from a financial point of view, but also from an environmental angle," said Nestor Moseres, President of Supernova Energy Services. "When fully operational, the carbon emissions will be reduced by approximately 40% from the baseline in the amount of an estimated 4,000 tons per year during the life of the project," added Mr. Moseres.
Located in the Historic Center of Cartagena de Indias, the hotel is a restored structure more than 400 years old with limited available space for onsite power technology. Capstone's microturbines were selected for their compactness and modularity, which enable up to 1 MW of generation to be produced through five 200kW modules without any loss of performance. In fact, this configuration actually maximizes the system's overall reliability.
"We've been saying for years that hospitality is a prime industry for realizing maximum benefits from onsite green energy, including cost savings and increased resiliency," said Darren Jamison, Capstone Green Energy President and Chief Executive Officer. "While both of these are critical for efficient operations, our green energy systems also offer enhanced environmental benefits. That's no longer just a nice-to-have benefit for ‘feel good' marketing. Consumers are now making decisions, including their lodging choices, by factoring in overall ‘greenness', so this is another competitive advantage in hospitality and many other industries," 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.
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Released October 1, 2021