Capstone Green Energy Secures Second Order this Year from Oil and Gas Customer in the Marcellus Shale Region in Appalachia
Order Adds to the Customer's Extensive Fleet of Capstone Microturbines
LOS ANGELES--(BUSINESS WIRE)-- Capstone Green Energy Corporation (NASDAQ: CGRN), announced that E-Finity Distributed Generation, Capstone's long-time distributor for the Mid-Atlantic, Southeastern United States, and the Caribbean, secured a follow-on order for ten Capstone C65 microturbines from a leading oil and gas producer. The systems will be deployed in the heart of the Marcellus Shale Play in Appalachia and add to an already extensive fleet of Capstone microturbine systems. The order is being commissioned this summer.
“When our customers, who rely on power in remote locations for critical operations, consistently choose to return for additional units, it serves as a testament to the positive impact of Capstone Green Energy. This degree of customer loyalty can be attributed to the dependable performance, minimal maintenance requirements, and environmentally-friendly nature of our microturbine-based solutions. We deeply value the trust and confidence that our repeat customers place in our team, technology, and partners,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy.
The C65 microturbines, fueled by wellhead natural gas extracted directly from the pipeline, will provide primary electrical power at various wellhead sites where utility power is unavailable. Serving as the primary power source for these remote sites, the microturbines will maintain ultra-low site emissions. This leading oil and gas customer continues to select Capstones microturbines based on their proven field reliability, remote monitoring and diagnostic capabilities, and high availability with partial load redundancy. By incorporating microturbines, customers can increase on-site power production, reduce operational expenses, fortify reliability, and concurrently minimize emissions.
“Our Marcellus and Utica Shale customers have expressed great satisfaction with both the power performance and round-the-clock operational reliability provided by Team E-Finity. The fact that our key customers continue to place repeat orders is a testament to our team's exceptional capability in delivering power precisely when and where it is needed,” said Jeff Beiter, President and Chief Executive Officer of E-Finity Distributed Generation. “These microturbine units will significantly enhance production and facilitate the efficient extraction of clean-burning, abundant natural gas from one of the world's largest natural gas fields,” added Mr. Beiter.
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 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
Released June 15, 2023