Capstone Green Energy Corporation on Nasdaq: CGRN
Capstone Green Energy Corporation on Nasdaq: CGRN
The Microturbines Will Provide Improved Power Reliability and Emissions Reductions
VAN NUYS, CA / ACCESSWIRE / January 25, 2021 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading manufacturer of clean technology microturbine energy systems, announced today it recently received an order from Optimal Group Australia (www.optimalgroup.com.au), Capstone's exclusive Australian distributor, for eight dual-mode C65 microturbines. The order is expected to be commissioned by June 2021.
"Optimal continues to expand its Capstone business in all of our major market verticals, and this order is a great mid-stream opportunity with a new energy customer beyond what they have already achieved with majors like Santos and AGL," said Darren Jamison, President and Chief Executive Officer of Capstone Turbine Corporation. "Optimal continues to deploy Capstone microturbines with creative energy solutions and a significant installed base of over 40 megawatts (MW) and growing," added Mr. Jamison.
The customer, a leading natural gas infrastructure company, owns and operates gas transmission and distribution assets that span every state and territory in mainland Australia. Capstone's low operating costs, long maintenance intervals, and dual-mode capabilities were top drivers for microturbine deployment by the natural gas infrastructure company.
Eight skid-mounted natural gas-fueled C65 microturbines will provide prime power generation to one of the company's remote compressor stations in Western Australia. The microturbine array will be installed in a dual-mode configuration, allowing customers to operate independently of the grid, or with the grid, in a load sharing capacity. Once commissioned, the microturbine systems will decrease the natural gas producer's operating costs and ensure that reliable power is delivered to the site.
"While Optimal has continued to develop a strong presence in the oil and gas industry, along with recent innovative projects with Australian energy majors such as Santos and AGL, we are excited to realize our first project in the gas transmission and distribution space," said Craig Dugan, President and Chief Executive Officer of Optimal Group. "This further demonstrates the benefits that are delivered by the reliability and flexibility of Capstone microturbines in remote and unmanned facilities," concluded Mr. Dugan.
Compressor stations push natural gas and petroleum products through a network of transmission pipelines. The station compresses the gas, thereby providing energy to move it through the pipeline. The country depends on the company's 15,000 kilometers of pipeline to connect 1.4 million Australian homes and businesses. In Western Australia, the pipelines stretch thousands of miles to supply gas to power major cities, towns, and remote mining operations.
Capstone microturbines support gas production by supplying clean, reliable power using pipeline-quality natural gas as fuel from remote natural gas compressor stations and central processing facilities to transfer stations, metering stations, and wellhead sites. Uninterrupted microturbine power can also mean increased production and lower utility bills for oil and gas producers, in addition to greater national energy security.
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.
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, beliefs, plans, intentions and strategies of the Company. 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; 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. "Capstone" and "Capstone Microturbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
Capstone Turbine Corporation
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SOURCE: Capstone Turbine Corporation
Released January 25, 2021