Appointment of Victor Kong as Vice President of Technology at Capstone

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LOS ANGELES--(BUSINESS WIRE)-- Capstone Green Energy Holdings, Inc. (the “Company”), the public successor to Capstone Green Energy Corporation (Predecessor Capstone), has promoted Victor Kong to Vice President of Technology. With over 18 years of dedicated service to Capstone, Victor’s journey has been marked by his exemplary contributions beginning in R&D testing and spanning through Core Engineering and Certification & Compliance.

Robert Flexon, Executive Chairman and Interim President & CEO of Capstone, expressed his enthusiasm about Victor’s new role, stating, “We are delighted to promote Victor Kong to this position. His experience and passion for this company are immeasurable. Victor is a valuable addition to the leadership team.” Flexon emphasized the significant impact Victor has made over the years, making him an ideal candidate for this crucial leadership role.

In his new role, Victor will play a critical part in shaping the future of Capstone’s engineering and technology activities. His wealth of experience and strategic vision will be instrumental in overseeing the expansion of the technology department, ensuring its alignment with the company’s overarching goals.

“I am honored and excited to take on the role of Vice President of Technology at Capstone. Over the years, I have witnessed incredible growth and innovation within our organization. I am committed to leveraging my experience to drive excellence, foster collaboration, and contribute to the continued success of our engineering and technology initiatives,” stated Victor Kong, Vice President of Technology of Capstone.

This appointment reflects Capstone’s commitment to recognizing and nurturing talent from within the organization. Victor Kong’s extensive experience and deep understanding of our company will undoubtedly contribute to the growth and innovation of our engineering and technology department.

Additional Information

The Company, as the public successor to Predecessor Capstone (CGRN) for SEC reporting purposes, continues to work to complete its restatement of previously issued financial statements and intends to complete such restatement as soon as possible. Following the completion of the restatement, the Company expects that it will list its common stock on the OTC Pink Market. The CUSIP number for the Company’s common stock following the reorganization transactions is 14067D607 and the ISIN number is US14067D6076.

About Capstone Green Energy

For over three decades, Capstone Green Energy has been at the forefront of microturbine technology, revolutionizing how businesses manage their energy supply. In partnership with our worldwide team of dedicated distributors, we have shipped over 10,000 units to 83 countries, providing environmentally friendly and highly efficient on-site energy systems and microgrid solutions.

Today, our commitment to a greener future is unwavering. We offer customers a range of commercial, industrial, and utility scale options tailored to their specific needs, ranging from 65kW to multiple MWs. Capstone’s product portfolio not only showcases our core microturbine technology but also includes flexible Energy-as-a-Service (EaaS) rental and service contracts.

In our pursuit of cutting-edge solutions, we’ve forged strategic partnerships to extend our impact. Through these collaborations, we proudly offer biomass and heat recovery solutions that enhance the sustainability and efficiency of our client’s operations, contributing to a cleaner and more responsible energy landscape.

Capstone estimates that in FY23, it saved customers over $169 million in annual energy costs and approximately 362,000 tons of carbon. Total savings over the last five years are estimated to be approximately $1.08 billion in energy savings and approximately 1.9 million tons of carbon savings.

Capstone offers fast, turnkey power rental solutions for customers with limited capital or short-term needs; 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 the operations and growth expectations, the restatement of previously issued financial statements and the 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 integration of the new vice president of technology into the management team and his success in developing and executing operational strategies; the Company’s ability to realize the anticipated benefits of its recently completed financial restructuring; the Company’s ability to comply with the restrictions imposed by covenants contained in the exit financing and the new subsidiary limited liability company agreement; employee attrition and the Company’s ability to retain senior management and other key personnel following the restructuring; 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 impact of litigation and regulatory proceedings; risks related to the previously announced restatement previously announced (including discovery of additional information relevant to the financial statements subject to restatement; changes in the effects of the restatement on Predecessor Capstone’s financial statements or financial results and delay in the filing of late 10-K’s and 10-Q’s due to the Company’s efforts to complete the restatement; the time, costs and expenses associated with the restatement; inquiries from the SEC; the potential material adverse effect on the price of the Company’s common stock and stockholder lawsuits). For a detailed discussion of factors that could affect the Company’s future operating results, please see Predecessor Capstone’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
Investor and investment media inquiries:
818-407-3628
ir@CGRNenergy.com

Source: Capstone Green Energy Holdings, Inc.

Released December 11, 2023