Capstone Green Energy Lands Largest Industrial Grow House Order in Its History with Leading Vertically-Integrated Operator
State-Of-The-Art Energy Solution Will Provide Reliable Cost-Effective Power for Facility
LOS ANGELES--(BUSINESS WIRE)-- Capstone Green Energy Corporation (NASDAQ: CGRN) continues to expand into the growing industrial grow house industry with a newly secured order for five C1000 Signature Series microturbines in upstate New York. The units will be deployed in two phases, with the first two megawatts (MWs) being commissioned at the end of 2022 and the remaining three MWs commissioned in early 2023. The project marks the largest single order for Capstone microturbines in the expanding industrial grow house industry and when finished, will become the third largest Capstone microturbine installation worldwide.
The project was secured by RSP Systems, Capstone's exclusive New York, Connecticut, and Ohio distributor, and E-Finity Distributed Generation, the exclusive distributor for the Mid-Atlantic, Southeastern United States, and the Caribbean will allow the facility to generate reliable and cost-effective power on-site independent of the utility grid. In addition, Capstone's low-emission microturbine technology meets New York's strict greenhouse gas emissions requirements.
Industrial cultivation and processing are energy-intensive operations, and utilities have struggled to provide adequate and resilient power to support growth. This problem is compounded for facilities in remote areas where infrastructure is not in place to support energy demand for grow operations. The five-megawatt microturbine solution will operate in stand-alone mode, allowing operators to avoid the vulnerabilities of a traditional electric grid by generating power on-site at the source.
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.
To date, Capstone has shipped over 10,000 units to 83 countries and estimates that in FY22 it saved customers over $213 million in annual energy costs and approximately 388,000 tons of carbon. Total savings over the last four years are estimated to be approximately $911 million in energy savings and approximately 1,503,100 tons of carbon savings.
For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com.
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 growth and liquidity expectations 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 departures and other changes in management and other key employees. 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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Source: Capstone Green Energy Corporation
Released August 17, 2022