Capstone Green Energy Secures Follow-on Order for Two Microturbines for Use at Canadian Oil and Gas Site
Third Order From Customer Within a Year, Customer Cites Cost Savings and Emissions Reductions as Key Factor in Repeat Orders
LOS ANGELES--(BUSINESS WIRE)-- Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, announced that Horizon Power Systems, Capstone's exclusive distributor for the Rocky Mountain States, Western Canada, Oklahoma, and Arizona, secured a follow-on order for two Capstone 200kW Signature Series microturbines. The order is scheduled to be commissioned in Fall 2023.
"Capstone Green Energy microturbines continually demonstrate their exceptional value proposition, substantiating their reliability, emission reduction capabilities, and overall ease of use," said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. "The fact that customers like this one are returning for additional units at such a rapid pace is a testament to the technology's ability to deliver on our promises. This particular customer has put Capstone units to the test in harsh conditions, remote locations, utilizing a diverse range of fuel qualities, and the microturbines have consistently proven themselves as environmentally friendly and a dependable power source."
The microturbines will serve as mobile power sources for auxiliary equipment and buildings at a natural gas production site. They will run on high-pressure natural gas (HPNG), replacing older diesel-powered units. Capstone microturbines support the customer's goal of transitioning the industry away from powering on-site equipment with high-emission diesel fuel, to using natural gas, which has a lower carbon footprint. The customer indicated that it selected Capstone based on its ongoing, positive experiences with Capstone products and services. Specifically, the customer noted cost reductions from eliminating the need for trucking diesel to well sites and lower maintenance needs than the diesel engines. In addition, the Capstone microturbines meet Canadian emissions regulations, so there aren't additional costs or equipment needed to treat the exhaust.
"This is the customer's third order of C200S microturbines in just one year," said Sam Henry, Horizon Power Systems President. "They're impressed with the uninterrupted performance of the microturbines currently in the field, reduction of their customers' carbon footprint, and ease of running on wellsite natural gas."
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.
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 Western Canada. It has installed over 1,000 microturbines that have logged millions of documented runtime operating hours. Whether for CHP, trigeneration, microgrid, or prime power, the Horizon Power Systems team customizes each microturbine system based on the customer's unique power and sustainability needs.
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 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.
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Source: Capstone Green Energy Corporation
Released June 12, 2023