Capstone Green Energy Corporation on Nasdaq: CGRN
June 22, 2023
1:45 PM MDT
Capstone Green Energy Corporation on Nasdaq: CGRN
Three Separate Orders Illustrate Range of Applications for Capstone Microturbines
LOS ANGELES--(BUSINESS WIRE)-- Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, announced that Cal Microturbine, Capstone's exclusive distributor for California, Hawaii, Nevada, Oregon and Washington, secured three orders for Capstone C1000 Signature Series microturbines.
Darren Jamison, President and CEO of Capstone Green Energy, explained, “The flexibility of Capstone’s microturbines is showcased through a range of customer applications, including oil and gas production, brewery operations, and renewable natural gas processing. This is only the beginning of the technology’s potential uses, along with other applications such as hospitality and agriculture installations, and EV charging.” According to Jamison, “Customers consistently report that Capstone microturbines provide dependable power, while also helping them achieve their environmental objectives.”
One C1000 will be installed at an onshore oil and gas production site using associated gas to reduce the site's power use from their electric utility. This will reduce the customer's operating cost and avoid flaring otherwise unusable production byproducts. This oil and gas customer already has three other Capstone microturbines, and has placed this fourth-order because they have found that the Capstone microturbines provide the most reliable and cost-effective power generation technology they have used.
A second C1000 will be installed at a brewery and operate on digester gas produced from waste byproducts. This microturbine will replace a reciprocating engine generator that was becoming too costly to maintain and unreliable for the customer. Operating a Capstone microturbine in place of the existing generator will also help in lowering the emissions at the brewery.
The third C1000 will be installed at a landfill as part of a renewable natural gas processing facility. Operating on the landfill gas, the microturbine will provide electricity for processing equipment to convert the remaining raw landfill gas into pipeline-quality natural gas and other renewable fuels for sale to customers who want to reduce their carbon footprint.
"All three of these applications have two things in common: the Capstone C1000 microturbines provide a significant financial benefit to the facilities that will use them, and they effectively reduce greenhouse gas emissions. This is a win-win-win solution that we all need more of," said Steve Gillette, Cal Microturbine's Director of Sales.
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.
To date, Capstone has shipped over 10,000 units to 83 countries and estimates that in FY22, it saved customers over $213 million in annual energy costs and approximately 388,000 tons of carbon. Total savings over the last four years are estimated to be approximately $911 million in energy savings and approximately 1,503,100 tons of carbon savings.
For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com.
For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.
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 growth expectations 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 departures and other changes in management and other key employees. 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 March 23, 2023