Capstone Green Energy Corporation on Nasdaq: CGRN
Capstone Green Energy Corporation on Nasdaq: CGRN
Low-emission, Natural Gas-fueled Solution Supports Customer’s Reliability and Environmental Goals
VAN NUYS, Calif.--(BUSINESS WIRE)-- Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, announced that Horizon Power Systems, Capstone's exclusive distributor for the Rocky Mountain States, Oklahoma, Arizona, and Western Provinces of Canada, has secured an order for two C200S high-pressure natural gas systems from a Canadian firm that provides mobile power to upstream oil and gas sites.
"With climate change becoming a larger factor in business strategy, the oil and gas industry is looking for cleaner, cost-effective, and reliable power alternatives," said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. "Capstone's microturbine technology provides a significant opportunity to help companies in any number of industries do better for the environment while maintaining their bottom line with cost-effective solutions," added Mr. Jamison.
Committed to leading the industry away from higher emission diesel power, the customer selected Capstone's microturbine technology for its low-emission, high-efficiency performance using clean-burning natural gas as a fuel. Other important factors included the systems' high reliability and low maintenance requirements, particularly in remote, off-grid locations. The microturbines can also be easily integrated into utility power or microgrids where and when needed, given their range of power outputs. Eliminating the need to truck diesel fuel into well sites reduces costs and lowers emissions, while the microturbines' quiet operation makes for a more pleasant environment.
The systems are expected to be operational in the third quarter of 2022. This is the first order Capstone has secured where the customer purchased the microturbine units to rent to its own oil and gas customers. The units will likely be installed at remote well sites and are sufficiently rugged and reliable for use in harsh Canadian weather conditions and environments.
"Our customer is committed to providing clean and reliable mobile power fueled by natural gas rather than environmentally unfriendly diesel," said Sam Henry, President of Horizon Power Systems. "Capstone clean energy microturbine-based systems are the ideal power source to help the company fulfill its promise to customers," concluded Mr. Henry.
About Horizon Power Systems
For over 20 years, Horizon Power Systems has worked exclusively with Capstone Green Energy to provide microturbine systems across the Rocky Mountain region in the United States and Western Canada. Its approximately 800 installed microturbines have logged millions of documented runtime operating hours. The Horizon Power System's team takes a total systems approach when determining a client's energy requirements to provide an engineered microturbine power system that fulfills unique energy needs. The company specializes in combined heat and power systems, trigeneration, microgrid power, and prime power.
About Capstone Green Energy
Capstone Green Energy (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 Generation Technologies (EGT) 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 Solutions (ESS) business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen & Sustainable Products (H2S), 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 full fiscal years are estimated to be approximately $698 million in energy savings and approximately 1,115,100 tons of carbon 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 June 17, 2022