Capstone Green Energy Corporation on Nasdaq: CGRN
Capstone Green Energy Corporation on Nasdaq: CGRN
Capstone's Texas Based Systems Generated 30MW During Last Week's Crippling Storm
VAN NUYS, CA / ACCESSWIRE / February 26, 2021 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading manufacturer of clean technology microturbine energy systems, announced today its highly reliable microturbine based green energy systems continued to operate during the historic winter storm that left millions of Texans with rolling grid outages and extended blackouts.
Frigid temperatures battered Texas and surrounding states early last week, sending temperatures across the state to historical lows. For some residents, rolling blackouts hit early Monday morning after the Electric Reliability Council of Texas (ERCOT), a grid operator that controls about 90% of the state's electric load, announced it was experiencing "record-breaking electric demand."
By contrast, Capstone microturbines installed throughout Texas were able to easily power through the storm with 30 megawatts (MW) of clean and reliable power capacity available for its customers. Capstone's low emission turbine-powered generators weathered the brutal storm in applications ranging from oil and gas producers and midstream companies to manufacturing facilities, data centers, hospitals, universities, utilities, and industrial customers, to name a few.
"Unfortunately, it often takes dreadful events like Super Storm Sandy in New York or a crippling ice storm in Texas to demonstrate to customers the value of distributed generation technologies like Capstone low emission microturbines," said Darren Jamison, President and Chief Executive Officer of Capstone Turbine Corporation. "Because our machines operate behind the utility meter and can operate without the local grid, our customers continued to have on-site electricity and much needed thermal energy. In addition, our inherently resilient technology with one moving part, all while not requiring any lube oil, antifreeze, or lubricants, can withstand the coldest temperatures from McMurdo Station in the Antarctic to Gazprom gas production fields in Yakutia, Siberia," added Mr. Jamison.
Capstone Turbine's exclusive distributor for Texas, Arizona, Arkansas, Kansas, Missouri, and the Gulf States, Lone Star Power Solutions, was able to continue critical operations for customers during the winter storm. Overall, the vast majority of Capstone turbines ran without issue with only a small amount of sites having experienced minimal operational downtime during the power outage.
"These events should remind us all how fragile our utility infrastructure can be and the value of adopting on-site distributed generation," said Doug Demaret, President of Lone Star Power Solutions. "Additionally, when a customer needs to curtail or reduce operations due to events beyond their control, Capstone Turbine products are the only on-site power generation equipment capable of operating from zero to full load indefinitely, with or without grid power available," added Mr. Demaret.
Lone Star Power continues to get feedback from its end-use customers, but many early reports are that some other clean energy technologies struggled during the storm. One such customer operating one of the largest transmission and distribution systems in Texas reported that its solar and batteries were off-line due to the storm, but its Capstone microturbine kept running throughout the storm and was the only functioning component of its microgrid system.
Capstone's flexible and scalable microturbine energy solutions can reduce a business's dependence on the local utility grid, which can be unstable, unreliable, and susceptible to adverse weather conditions. With Capstone microturbines, customers can harden their infrastructure and provide operational savings with on-site power generation while also providing critical emergency backup power during large-scale outages.
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.
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Released February 26, 2021