Capstone Green Energy Secures a Follow-on 2 MW Order from a $5 Billion Dollar Privately Held Company Focused on Quality Brands and Social Responsibility
The 2 MW Project Is a Follow-on Order to an Initial Successful 2 MW Project
LOS ANGELES--(BUSINESS WIRE)-- Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, has received a follow-on 2 MW order from a $5 billion dollar privately held company committed to not only manufacturing high-quality, healthy products but also being a community leader with a strong track record of social responsibility.
The new Capstone Direct Sales team secured the follow-on order, which is anticipated to be commissioned later this year. The customer facility is expanding rapidly, and the local electric utility cannot meet the customer's increasing energy growth requirements in the desired timeframe.
"It's always an honor when our customers place follow-on orders with us as it's the truest testament to our value proposition and the performance of our products and services," said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. "Our direct sales team working synergistically with our global distributors positions us to help our customers meet their evolving clean energy needs and keep pace with the shifting energy landscape. Our flexibility and focus on our customers are our fundamental strengths and what we strive to do each and every day."
"As this customer grows and expands their operations, we hope to continue to provide additional power generation needs and assistance in their goals of reducing their carbon footprint and energy costs. Expanding our business with multibillion-dollar global companies such as this is a key charter of the Capstone Direct Sales team, as that customer category presents an excellent opportunity to expand our relationship and generate more frequent and larger orders. To accomplish this, our direct sales team works together with our highly valued global distribution channel to create sales synergies and better engage and service this type of customer," said Marc Rouse, Capstone Green Energy's Sales Director.
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 29, 2022