Capstone’s Energy Financing Joint Venture Executes First Agreement
CHATSWORTH, Calif., Sept. 18, 2017 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that its energy financing joint venture, Capstone Energy Finance, executed a five-year agreement with a large greenhouse operation in Colorado.
Multiple propane-fired C65 microturbines will be installed in stand-alone mode at a remote location to provide electricity for the Colorado greenhouse. Without a local utility grid system in place, the greenhouse was forced to start building their business with traditional diesel engine driven generator sets that are dirty and noisy. Capstone microturbines were selected as the replacement energy solution because Capstone Energy Finance can provide a much lower emissions solution without a capital investment.
“Capstone Energy Finance provides customers the opportunity to purchase more cost-effective electricity, enter into long-term rentals or even lease microturbine energy systems under long-term agreements,” said Kenda Brown, President of Capstone Energy Finance. “This enables a wide range of customers to take advantage of our energy offerings; not just our microturbines, but also the ancillary equipment required to provide a complete energy solution.”
Capstone Energy Finance enables customers to purchase electricity generated by a Capstone microturbine energy system installed at their facility with no upfront capital investment. Alternatively, customers can also lease or rent long-term a Capstone energy system by locking in a fixed rate for a period of 5 to 20 years. Capstone Energy Finance monitors and maintains the energy system for the entire term of the agreement, enabling businesses to operate without having to depend on volatile utility rates or unreliable engine driven generator sets.
“We have developed an opportunity pipeline of over $60 million in potential projects since the launch of Capstone Energy Finance in late 2015. Several of the projects we identified resulted in equipment sales through our traditional distribution network, as many customers in the end opted to purchase the equipment for maximum total financial savings,” said Darren Jamison, Capstone’s President and Chief Executive Officer. “It’s exciting to get our initial Capstone Energy Finance project and I look forward to many more to come as Capstone Energy Finance offers a complete array of financing products through structures such as energy service agreements, or ESAs, power purchase agreements, or PPAs, leasing, long-term rentals and various ‘as-a-service’ offerings,” added Mr. Jamison.
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 has shipped over 9,000 Capstone Microturbine systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone 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 9001:2015 and ISO 14001:2015 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the United States, Latin America, Europe, Middle East and Asia.
This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the advantages of Capstone products as well as additional future Capstone Energy Finance projects and their related benefits. 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 September 18, 2017
