Capstone Extends Agreement With GE; Products Eligible for Incentive Under California Self-Generation Incentive Program
CHATSWORTH, Calif., Dec. 5, 2011 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, recently extended its OEM agreement for GE's Heat Recovery Solutions segment Clean CycleTM generators.
The original agreement has been extended through January 2016. In addition, GE will provide parts support to Capstone through 2020. Capstone has seen significant interest in the Clean Cycle generator, both with Capstone's microturbine and in other waste heat applications. The addition of Organic Rankine Cycle (ORC) technology to the California Self-Generation Incentive Program (SGIP) means that qualifying California utility customers can receive up to a $1,250/kW rebate to help reduce the cost of installing the Capstone waste heat application.
The SGIP was modified by a California Public Utilities Commission decision that made Organic Rankine Cycle/Waste Heat-to-Power systems eligible for the SGIP along with a list of other greenhouse gas-reducing technologies, including microturbines. Capstone has received several orders for the Clean Cycle product and began shipping units more than 18 months ago.
"GE Energy's collaboration with Capstone underscores the reality that there is no one 'magic bullet' that will solve all of the country's energy and environmental challenges," said Brad Garner, President—heat recovery solutions for GE's Gas Engines business. "Having the ability to offer GE's Clean Cycle heat recovery solution in addition to Capstone's microturbine technology showcases how different distributed energy applications can be leveraged in innovative ways to help California achieve its renewable energy production and efficiency goals."
"Capstone is pleased that GE had the confidence in Capstone to extend the agreement," said Jim Crouse, Capstone's Executive Vice President of Sales and Marketing. "We have been aggressively training our distributors to sell and apply the waste heat to power application, allowing us to maintain the momentum we have created. The addition of the long term parts support from GE will allow Capstone and our distributors to enter into long term service agreements similar to the microturbine FPP; we believe that this will help drive more customers to our offering."
About GE
GE (NYSE:GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
GE also serves the energy sector by providing technology and service solutions that are based on a commitment to quality and innovation. The company continues to invest in new technology solutions and grow through strategic acquisitions to strengthen its local presence and better serve customers around the world. The businesses that comprise GE Energy—GE Power & Water, GE Energy Management and GE Oil & Gas—work together with more than 100,000 global employees and 2010 revenues of $38 billion, to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; as well as other alternative fuels and new grid modernization technologies to meet 21st century energy needs.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST) is the world's leading producer of low-emission microturbine systems and was the first to market commercially viable microturbine energy products. Capstone Turbine has shipped over 6,000 Capstone MicroTurbine(R) systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone Turbine is a member of the U.S. Environmental Protection Agency's Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation's energy infrastructure and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO 9001:2008 and ISO 14001:2004 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the New York Metro Area, Mexico City, Nottingham, Shanghai and Singapore.
The Capstone Turbine Corporation logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=6212
This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the use of our products with GE Clean Cycle generators, the availability of rebates in California and increased sales. Forward-looking statements may be identified by words such as "expects," "objective," "intend," "targeted," "plan" and similar phrases. These forward-looking statements are subject to numerous assumptions, risks and uncertainties described in Capstone's filings with the Securities and Exchange Commission that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
"Capstone" and "Capstone MicroTurbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
CONTACT: Capstone Turbine Corporation
Investor and Investment Media Inquiries:
818-407-3628
ir@capstoneturbine.com
Released December 5, 2011
