Capstone Green Energy Corporation on Nasdaq: CGRN
Capstone Green Energy Corporation on Nasdaq: CGRN
--Capstone will help achieve customer’s CO2 emissions and cost reduction goals--
VAN NUYS, Calif.--(BUSINESS WIRE)-- Capstone Green Energy Corporation’s (NASDAQ: CGRN), exclusive distributor for the Mid-Atlantic and Southeastern US and the Caribbean, E-Finity Distributed Generation, has secured a new long-term Energy-as-a-Service (EaaS) contract with a cryptocurrency mining company looking to reduce its impact on the environment. This business expansion demonstrates progress on the Company's vision to create smarter energy for a cleaner future and builds on its track record of saving its customers an estimated $698 million in annual energy savings, and reducing CO2 emissions by more than 1,115,100, in the past three years alone.
Cryptocurrency mining is a fast-growing industry and involves specialized computers used to compute complex mathematical puzzles. Powering and cooling the processing units is extremely energy intensive. This cryptocurrency mining company will use Capstone Green Energy’s Energy-as-a-Service to generate more efficient and cleaner electricity to power its remote data center operations. Capstone Green Energy’s Energy-as-a-Service includes a low emission and quiet microturbine providing data center quality power, unit maintenance and 24/7 system monitoring at a fixed price for the length of the contract.
The customer, which mines large volumes of cryptocurrency, approached E-Finity wanting to take advantage of existing on-site production waste gas that would otherwise go unused. Because Capstone microturbines are designed to offer fuel flexibility, the system will use the waste gas, a benefit that not only reduces emissions but also offers operational savings. The Capstone microturbines generate electricity that is already substantially lower in emissions and cost from most grid power. Using energy that would otherwise be wasted brings even greater environmental and economic benefits to the project. Further, the added reliability and low maintenance requirements of microturbine-based systems make them ideal for remote locations, which can be hard to reach and often deal with challenging climate conditions.
“This new cryptocurrency mining customer has a proven track record of utilizing off-grid, stranded natural gas resources to generate low-cost energy to fuel their mining operations. Using Capstone's Energy-as-a-Service should allow them to achieve CO2 reduction goals while providing exceptional uptime by utilizing highly reliable, low emission natural gas-fueled microturbines,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy.
Capstone is seeing new growth as the cryptocurrency mining industry, and other growing energy intensive industries, take progressive steps that will allow them to lower their environmental impact, maintenance costs and time spent managing their energy supply, while also increasing power reliability.
“Our track record of successful operations in remote oil and gas locations across the Mid-Atlantic and the data center quality power generated by the microturbine-based systems was key to our customer’s decision to deploy the three megawatt Capstone systems,” said Jeff Beiter, Managing Partner of E-Finity Distributed Generation. “Capstone’s Energy-as-a-Service provides peace of mind for customers who are looking to reduce energy costs, receive stable high-quality power, ensure ongoing monitoring and maintenance, and limit their impact on the environment, all for a fixed price.”
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.
Capstone Green Energy
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Source: Capstone Green Energy Corporation
Released March 22, 2022