Capstone Green Energy Secures Follow-On Order for Two C200S Microturbine Systems from Canadian Firm Supplying Mobile Power to Oil and Gas Sites
Additional Order for Two C200S Microturbines Comes Just Two Months After Initial Order
LOS ANGELES--(BUSINESS WIRE)-- Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, and Horizon Power Systems, Capstone's exclusive distributor for the Rocky Mountain States, Western Canada, Oklahoma, and exclusive distributor for oil and gas in Arizona, secured a follow-on order for two C200S high-pressure natural gas microturbine systems. The customer is a Canadian firm that provides mobile power to upstream oil and gas sites and that is committed to moving the industry away from on-site diesel engines, which produce high levels of harmful greenhouse gases, and require frequent maintenance and costly exhaust after-treatment. The microturbines are expected to be operational this month.
"Capstone's ability to get our turbines in service quickly and reliably is important to our customers. We appreciate the mark of confidence and credibility that repeat orders provide as our customers look to manage their energy costs and environmental impact, particularly at remote sites," said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy.
After only two months of successful operation with their initial microturbine order, the customer ordered two additional C200S microturbines, adding 400 kW of generation capacity to their existing fleet. The microturbines will provide clean and reliable electricity to power auxiliary equipment and several buildings at a remote natural gas well site.
"The customer contacted us for a second order after seeing the flawless performance of the C200S purchased in May," said Sam Henry, President, Horizon Power Systems. "The reliability of Capstone microturbines, their extremely low emissions, and ability to run on natural gas directly from the well site are what the company and its customers want."
Capstone microturbines are able to use the associated natural gas, a by-product of oil production at the remote site, as an input fuel source with minimal gas pre-treatment. This allows the customer to keep operational costs low by avoiding extra fuel-cleaning equipment and significantly reducing the negative impact on the local environment.
The project demonstrates the confidence that oil and gas customers continue to have in Capstone products' reliability and high availability. Capstone microturbines align with the needs of oil and gas producers since they can be used in all phases of production operations, including upstream, midstream, and downstream, in both onshore and offshore applications.
About Horizon Power Systems
For over 20 years, Horizon Power Systems has worked exclusively with Capstone Green Energy to provide microturbine systems across the Rocky Mountain States and in Western Canada. It has installed over 1,000 microturbines that have logged millions of documented runtime operating hours. Whether for CHP, trigeneration (CCHP), microgrids, or prime power, the Horizon Power Systems team customizes each microturbine system to meet the customer's unique power and sustainability needs.
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. Over the last three years, total savings 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 August 3, 2022