Capstone Green Energy Receives Order to Provide 2 MW of Clean and Green Power for a Municipal Water Authority in the Caribbean
The Project Will Increase Water Security and Stabilize Access to Electricity for the Developing Island Nation
VAN NUYS, Calif.--(BUSINESS WIRE)-- Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green Energy as a Service (EaaS) solutions, today announced that E-Finity Distributed Generation, Capstone's exclusive distributor for the Mid-Atlantic, Southeastern United States and the Caribbean, has secured an order for two Capstone C1000S microturbine systems for a government water authority in the Caribbean. The systems will provide emergency standby power to several pumping stations throughout the remote island community. The 2 megawatt (MW) system is scheduled to be commissioned towards the end of calendar year 2022.
"Delivering clean, reliable, low-cost power to the Caribbean is a fundamental priority for Capstone and our partner E-Finity right now," said Darren Jamison, President and Chief Executive Officer. "The high cost of power, low grid reliability, and the desire to be green, make the Caribbean a growing market for our innovative products and services," added Darren Jamison, Chief Executive Officer of Capstone Green Energy.
Fueled by natural gas, the microturbines will operate in stand-alone mode, providing critical power to the pumping station. The station will have the ability to automatically switch between the utility grid and microturbines for power generation. This will help the Authority run the microturbines during grid outages or weather events and also peak shave to save money on utility costs.
Capstone's high efficiency, low-emission microturbines were selected over competing technologies in part because of their superior performance and ability to lower operational costs and increase resiliency. In addition, the microturbines require no oil or lubricants to operate; this translates to higher equipment availability and longer maintenance intervals and removes the possibility of contamination to the island's water supply.
"The microturbines are great options for critical power infrastructure sites. Only having one moving part allows for high uptime along with the inherent built-in redundancy of the C1000S, ensures that the pumping station will have clean, reliable power 100% of the time,” said Jeff Beiter, President, E-Finity Distributed Generation.
About Capstone Green Energy
Capstone Green Energy (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 Generation Technologies (EGT) 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 Solutions (ESS) business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen & Sustainable Products (H2S), 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 full fiscal years are estimated to be approximately $698 million in energy savings and approximately 1,115,100 tons of carbon 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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Source: Capstone Green Energy Corporation
Released May 3, 2022