Capstone Green Energy Corporation on Nasdaq: CGRN
Capstone Green Energy Corporation on Nasdaq: CGRN
The Project is Expected to Reduce the City’s Reliance on Fossil Fuels, Generate Clean Energy and Achieve Sustainability Goals
VAN NUYS, Calif.--(BUSINESS WIRE)-- Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green Energy-as-a-Service (EaaS) solutions, announced today that its distributor for the Upper Midwest, New England and Eastern Canada Vergent Power Solutions (www.vergentpower.com), has secured a contract to provide a one-megawatt microturbine system to be installed in a landfill gas-to-energy project for a solid waste facility in New England. The renewable energy project will convert the gas generated by waste at the landfill to electricity that will be redistributed to the electrical grid and utilized by the city to power its municipal facilities.
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A Capstone Green Energy landfill gas-to-energy cycle diagram (Graphic: Capstone Green Energy)
The waste to energy project is expected to be commissioned in early 2023. Currently, the landfill generates and flares approximately 350 standard cubic feet per minute (scfm) of landfill gas. The new project will convert all of this gas into electricity by utilizing the highly-efficient Capstone C1000S microturbine system. The conversion process will generate one megawatt of clean and reliable electricity and deliver a continuous renewable source of revenue for the city. Bringing this project to fruition is expected to reduce greenhouse gas emissions in New England by 3,500 tons per year.
“Vergent Power dedicated many years to develop this important project, which reflects the New England region’s path towards decarbonization,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. “The project clearly demonstrates Capstone microturbines’ ultra-clean emission and beneficial product features such as UL1741 SA-certified power electronics that enable simplified interconnection with the utility grid as well as potential future microgrids in the area. We look forward to many more innovative, carbon-reducing projects from Vergent Power in New England in the future,” added Mr. Jamison.
After a thorough analysis comparing various distributed generation technologies, officials ultimately chose low-emission Capstone Green Energy microturbines as the ideal solution for their scalability, resiliency, and ability to reduce energy costs to taxpayers.
“Vergent Power is proud to support this municipal customer and its progressive efforts to have 100% renewable power in 2023. Utilizing renewable biogas generated by wastewater treatment plants and landfills is an excellent way for communities to transition to renewable energy. This one-megawatt plant will be Vergent Power’s eleventh renewable energy system in our North American operating fleet comprising more than thirty microturbines running on biogas,” said Justin Rathke, President, Vergent Power Solutions.
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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Source: Capstone Green Energy Corporation
Released March 11, 2022