Capstone Green Energy Corporation on Nasdaq: CGRN
Capstone Green Energy Corporation on Nasdaq: CGRN
Capstone End-Use Customers' Total Energy Savings Approach an Estimated Half a Billion Dollars and 718,000 Tons of Carbon Over the Last Two Fiscal Years
VAN NUYS, CA / ACCESSWIRE / June 29, 2020 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today its annual estimated end-use customer microturbine financial savings and environmental benefits.
During fiscal year 2020, Capstone Turbine saved end-use customers an estimated $219 million in annual energy costs and 368,000 tons of carbon. The fiscal 2020 results demonstrate continued progress in carbon savings, up 5% from the prior fiscal year, but were offset somewhat by cleaner electrical utility grids in the U.S. and Europe.
Total end-use customer energy savings dropped 13% compared to the prior fiscal year. This result is largely due to the decline in electricity rates as energy prices dropped in some key countries with significant fleets of Capstone combined heat and power (CHP) energy efficiency systems, which in turn has helped to drive the majority of the environmental and cost benefits. A single Capstone powered CHP system can provide customers an annual energy savings of an estimated 40% while simultaneously meaningfully lowering their carbon footprint.
Capstone is committed to saving customers money by improving the energy efficiency of its operations around the world. Microturbine based high-efficiency energy systems provide an economic benefit while also reducing carbon and global emissions in order to create a better environment and help end-use customers achieve their carbon reduction goals while also providing energy resiliency.
"The need to shift to greener energy solutions has never been more evident than it is today. In fact, there is a strong argument to be made for a green recovery from the COVID-19 pandemic, especially in Europe, as they are already moving ahead in this direction," said Darren Jamison, President and Chief Executive Officer of Capstone Turbine.
"This movement to lower emissions and promote higher efficiency energy solutions should not be a political issue that divides us, but a social issue that unites us all to improve the environment while simultaneously saving money and creating more green jobs. I believe businesses will increasingly begin to look at improving their operations from an environmental, social and governance (ESG) perspective so that they become more socially conscious, especially as investors and customers are beginning to screen companies closer for their stance on these issues before potentially investing or making product buying decisions," added Mr. Jamison.
"At Capstone, the products and services we produce enable our end-use customers to reduce their air emissions and lower their operational costs. We apply the same guiding principles to our internal processes at Capstone, focusing on reducing our own environmental footprint through waste reduction efforts, reducing energy consumption in our processes, and continuously monitoring and improving our overall carbon footprint," stated Kirk Petty, Capstone's Senior Vice President of Operations. "We also strive to foster a corporate culture of lean manufacturing that helps to provide our employees with a safe and productive work environment, even with the increased challenges associated with operating during the current global pandemic," concluded Mr. Petty.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST) is the world's leading producer of highly efficient, low-emission, resilient microturbine energy systems. Capstone microturbines serve multiple vertical markets worldwide, including natural resources, energy efficiency, renewable energy, critical power supply, transportation and microgrids. Capstone offers a comprehensive product lineup, via our direct sales team, as well as our global distribution network. Capstone provides scalable solutions from 30 kWs to 10 MWs that operate on a variety of fuels and are the ideal solution for today's multi-technology distributed power generation projects.
For customers with limited capital or short-term needs, Capstone offers rental systems, for more information, contact: firstname.lastname@example.org. To date, Capstone has shipped nearly 10,000 units to 83 countries and in FY20, saved customers an estimated $219 million in annual energy costs and 368,000 tons of carbon.
This press release contains "forward-looking statements," as that term is used in the federal securities laws. Forward-looking statements may be identified by words such as "expects," "believes," "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
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SOURCE: Capstone Turbine Corporation
Released June 29, 2020