Capstone Green Energy Receives New Orders from German Distributor E-Quad for a Textile Finishing Company and an Offshore Gas Platform
The Microturbine Powered Combined Heat & Power (CHP) System for the Textile Finishing Company Will Be the First of Its Kind in Germany
The Offshore Systems Are a Repeat Order for an Existing Capstone Customer
LOS ANGELES--(BUSINESS WIRE)-- Capstone Green Energy Corporation (NASDAQ: CGRN), announced that E-quad Power Systems GmbH, Capstone’s long-time distributor for Belgium, Denmark, Germany, and the Netherlands, has secured two new orders. The first is an order for a C200S microturbine-based combined heat and power (CHP) system for a leading textile finishing company. The second order is for four 65kW high-pressure natural gas (HPNG), dual mode (DM), high humidity offshore systems for an offshore gas production company with assets in the North Sea that is a loyal Capstone customer.
The C200S microturbine-based CHP system is for leading textile finishing company Gerhard van Clewe GmbH & Co.KG, based in Hamminkeln, Germany. The system is expected to be commissioned in May 2023 and will be fueled by high-pressure natural gas. The C200S will provide up to 200kW of electricity to the plant, while the exhaust produced by the microturbine will be captured for use in the material drying process as well as the production of warm water for the facility.
The company first considered microturbine technology due to rising electricity costs compared to the low cost of natural gas. As a company with a sustainability mission, they also valued the high efficiency and emissions reduction that a CHP system delivers.
“Between the cost savings and environmental benefits, we are especially excited to be a development partner in this first-of-its-kind application,” said Ansgar van Clewe, Principle at Gerhard van Clewe. “Given the technology’s ready availability and Capstone’s good reputation in the space, we felt comfortable working with their distributor E-quad Power Systems.”
The four C65 offshore systems will be deployed with an existing Capstone offshore gas exploration customer who is an advocate for sustainable energy sources. They strongly believe that until there are sufficient sustainable alternatives available, the use of natural gas is an effective method to reduce CO2 output immediately. Natural gas can therefore provide an optimal contribution towards providing climate neutral energy.
“The Capstone Green Energy microturbine-based CHP systems have proven time and again to be tremendously beneficial across the manufacturing space, providing reliable, highly efficient power, but also fulfilling facility heating, drying and cooling needs, which has the added benefit of lowering facility emissions,” said Darren Jamison, Chief Executive Officer of Capstone Green Energy.
“Capstone's green energy solutions align perfectly with the needs of the oil and gas industry and are currently used in all phases of production, including upstream, midstream, and downstream operations in both onshore and offshore applications. Capstone's technology provides the low operational cost, high availability, and high-reliability global energy producers need, particularly in a world where energy prices are not likely to be dropping any time soon,” concluded Jamison.
About Capstone Green Energy
Capstone Green Energy (www.CapstoneGreenEnergy.com) (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.
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 January 9, 2023