Capstone Green Energy (NASDAQ:CGRN) Extends Channel Partnership With Baker Hughes (BKR) Expanding Territories
Capstone Green Energy and Baker Hughes Share a Common Goal of Producing Commercially Viable Turbine Systems Capable of Up to 100% Hydrogen Operation
VAN NUYS, CA / ACCESSWIRE / October 27, 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 extended its strategic channel partnership agreement with leading energy technology company Baker Hughes.
On Earth Day 2021, Capstone announced that it was leveraging its energy conversion and storage products with the addition of the Baker Hughes 5 MW, 12 MW, and 16 MW industrial gas turbines. Capstone selected Baker Hughes as a qualified network partner because of their similar focus on low emissions, long service intervals, low lifecycle costs, and vigorous hydrogen development program.
The company's large-scale gas turbine technology allows Capstone Green Energy to serve customers with energy needs that exceed the capacity of their own low emission microturbine based energy solutions. As part of the new agreement, Capstone Green Energy will offer Baker Hughes technology to additional territories in the U.S. and Canada, as well as on a case-by-case basis outside North America.
"Naturally, Capstone is excited to offer our customers custom tailored energy solutions based on their specific needs, beyond the capacity our own technology provides," said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. "But we are especially pleased to do so with a partner whose technology provides the kind of reliability and cost savings we promise and one whose focus aligns with our own green energy mission."
The two companies maintain common goals of helping companies achieve greater energy independence through increased reliability, cost savings, and environmental improvements. The ability for Capstone Green Energy to include Baker Hughes turbines in its technology mix allows the Company to provide commercial and industrial customers with systems capable of providing up to 60 MW of power while still providing high reliability, long service intervals, and very low emissions.
Capstone Green Energy and Baker Hughes also have a shared goal of producing a commercially viable turbine system capable of 100% hydrogen. Baker Hughes has commercially available gas turbines capable of various levels of blended fuel gas from 10% up to 100% hydrogen. Capstone is also currently lab testing a 30% hydrogen - 70% natural gas configuration with a goal of commercial release by March 31, 2022.
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 October 27, 2021