Capstone Green Energy (NASDAQ:CGRN) Distributor E-Finity Secures 2.4 Megawatt Order to Power Major Caribbean Resort
Three Capstone Microturbines Will Provide 100% of the Resort's Power While Contributing Significantly to Its Sustainability Goals
VAN NUYS, CA / ACCESSWIRE / September 20, 2021 / Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, announced today that it continues to expand the low emission microturbine market in the Caribbean with an order for a major Caribbean resort redevelopment project that includes 2.4 megawatts (MWs) of C800 Signature Series (C800S) microturbine energy systems.
The order, secured by E-Finity Distributed Generation (www.e-finity.com), Capstone's exclusive distributor for the Mid-Atlantic and Southeastern United States and parts of the Caribbean, is expected to be commissioned in the Spring of 2022.
Three Capstone Green Energy propane-fueled C800 Signature Series microturbine energy systems are designed to provide a reliable, environmentally friendly, and cost-effective alternative to the island's expensive grid power. The new power plant is expected to provide all of the resort's power while potentially generating millions of dollars in estimated annual electric cost savings and reducing the resort's carbon footprint.
"Delivering clean, reliable, low-cost power to our Caribbean clients is E-Finity's number one priority right now," said Jeff Beiter, E-Finity President and Chief Executive Officer. "Economically, the system has the potential to save the customer millions of dollars; environmentally, it is designed to offset millions of pounds of CO2 per year, equivalent to removing 500+ cars from the road. In fact, no oil deliveries, storage, or disposal are needed with our air lubricated, air-cooled microturbines; I'd say that's environmentally friendly," added Mr. Beiter.
This 2.4 MW power plant is designed for N+1 redundancy and is expandable to 3 MW simply by adding another 200 kilowatt (kW) module to each C800S package, making it a C1000S system should the resort expand in the future. The Signature Series products also meets the wind-resistant provisions of the 2018 International Building Code, ASCE 7-16, for wind speeds up to 180 mph.
"This project exemplifies what I call the new breed of forward-looking, progressive developers who are finding creative ways to reduce their carbon footprint as well as lowering their annual operating costs - thus making green by being green," said Darren Jamison, Capstone Green Energy President and Chief Executive Officer. "This low emission development will adapt to the resort's growing energy needs over time and is expected to significantly reduce their carbon footprint. All the while, it is anticipated that they will generate reliable electricity at a lower cost than other resorts on the island that still buy power from the utility, which is generated using outdated, higher emissions technologies and more expensive fuels," concluded Mr. Jamison.
About Capstone Green Energy
Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are driven by the Company's industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company's microturbine energy systems.
For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.
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 for green initiatives and execution on the Company's growth strategy and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. 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; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; 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.
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Released September 20, 2021