Capstone Green Energy To Provide 2.6 MW of Microturbine Energy Systems for Southern California Customers
Eco-friendly Systems To Provide Cost Effective Power for Education and Agriculture
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, will be enabling two new customers in the education and agricultural sectors to achieve their energy, reliability and environmental goals. Cal Microturbine, Capstone’s exclusive distributor for California, Hawaii, Nevada, Oregon and Washington, has secured two orders for Capstone Green Energy Signature Series systems in Southern California. The first order for one C600S unit will be installed for a customer in the education space, while the second order for two C1000S units will be provided to a customer in the agriculture industry. All the systems are expected to be operational by the early part of 2023.
“Capstone Green Energy continues to build its portfolio as a cutting-edge provider of clean energy solutions and technology. Our distinct product lines help customers across industries and sectors in California and around the world find green energy solutions. Customers choose Capstone to meet their energy needs while boosting the reliability of their energy supply, improving predictability of energy costs and lowering their carbon footprint,” said Darren Jamison, Chief Executive Officer of Capstone Green Energy.
In both cases, customers selected Capstone’s microturbine technology for its low emissions while also providing the best overall value for lifecycle cost and operational cost savings. In the case of the C600S installation for the education customer, the unit will be part of a microgrid installed concurrently with the microturbine system. Both systems will be fueled by natural gas and will feature Capstone’s Logic Controller (CLC) which allows for fully automated control of the energy system.
“Capstone’s C1000 Signature Series microturbines are maturing nicely as they mark their fifth year in the market. We see them as the most reliable on-site power generation technology available today. The C1000 Signature Series possesses a unique modular design, which allows for unprecedented redundancy in the most cost-effective way. Further, the modular infrastructure provides customers with several other competitive advantages: increased reliability, efficient serviceability without operational interference, and the ability to expand energy production needs as businesses grow. We are excited to see California’s continued focus on adopting Capstone’s Signature Series microturbine product array,” said Cal Microturbine Chief Executive Officer, Ryan Brown.
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.
Capstone Green Energy
Investor and investment media inquiries:
Source: Capstone Green Energy Corporation
Released June 6, 2022