Capstone Green Energy Corporation on Nasdaq: CGRN
Capstone Green Energy Corporation on Nasdaq: CGRN
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 E-Finity Distributed Generation, Capstone’s exclusive distributor for the Mid-Atlantic, Southeastern United States and the Caribbean, has secured an order for ten C65 microturbine systems, to be deployed at various oil and gas wellhead sites in the Marcellus Shale region. The systems will be added to an extensive fleet and commissioned as needed through 2023.
The natural gas-fueled microturbine systems will provide prime power 24/7 for various sites across the Marcellus reserve. The microturbines will allow the customer to increase on-site power production, lower operational costs and increase reliability. In addition, the dual-mode 65 kilowatt (kW) systems will provide the electrical power required to operate various buildings, including lighting, meters, and other equipment.
“Facing growing pressure to address climate change, global energy companies are pledging like never before to adapt to a lower-carbon future. For many, that involves investing in new technologies and infrastructures like microturbine systems to support new, greener ways of generating on-site electricity,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. “These are the key areas in which Capstone Green Energy has built its business and where it continues to innovate and grow its Energy-as-a-Service (EaaS) business. We saved customers an estimated 1,115,100 tons of carbon and $698 million in annual energy savings over the last three years, and we are just getting started.”
Capstone's low-emission, oil-free microturbine systems play a crucial role in ensuring the continued development of these rich shale plays. Because microturbine emissions are considerably lower than traditional internal combustion engines, it is easier for operators to meet increasingly stringent emission requirements.
“Having our customers place repeat orders with us is a true testament to the reliability of the Capstone microturbine systems and their ability to operate in very harsh, unforgiving Appalachian conditions,” said Jeff Beiter, President, E-Finity Distributed Generation. “E-Finity now boasts an oil and gas fleet that exceeds 500+ operating units providing our customers with power when and where they need it.”
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 April 13, 2022