Capstone Announces Launch of Capstone Energy Finance Joint Venture
November 19 2015 - 8:30AM
Capstone Turbine Corporation
(
www.capstoneturbine.com) (Nasdaq:CPST), the
world's leading clean technology manufacturer of microturbine
energy systems, announced today the launch of Capstone Energy
Finance™, a joint venture to provide financing options for the
purchase of Capstone microturbines.
"Capstone Energy Finance is a highly flexible vehicle that will
help meet the demands of customers that want access to the Capstone
cutting edge product but may not have the capital today to purchase
the product outright," said Darren Jamison, President and Chief
Executive Officer at Capstone Turbine. "The new entity will
initially be fully funded by strategic high net worth individuals
with the potential for additional funding from more traditional
equity sources and thus will have no impact on Capstone's balance
sheet," added Jamison.
In a joint venture with Capstone Turbine Corporation, Capstone
Energy Finance provides customers with the ability to purchase
electricity generated by a Capstone Microturbine at their facility
with no upfront capital investment and expand access to clean and
reliable onsite energy. A Power Purchase Agreement ("PPA") from
Capstone Energy Finance enables organizations to reduce operating
expenses by allowing them to buy electricity at a rate that is
lower than what they currently pay today.
Customers can purchase all or a portion of their energy from
Capstone Energy Finance and eliminate exposure to volatile utility
rates by locking in a fixed rate for a period of ten to twenty
years. Capstone Energy Finance monitors and maintains the system
for the entire term of the agreement, and customers pay only for
the energy they use.
Financing solutions offered by Capstone Energy Finance are
expected to help reverse recent trends in sales to the oil and gas
industry by allowing new and existing customers who have been
impacted by low oil prices to install systems which will
immediately improve their bottom line without requiring capital
investment in new equipment. Access to a streamlined financing
solution can also be expected in the future to improve the pace of
growth in the CHP market.
"Capstone Energy Finance will help to address projects lost due
to a lack of available funding," said Jim Crouse, Executive Vice
President of Sales and Marketing at Capstone Turbine. "Last fiscal
year, we lost over 250 projects worth millions of dollars due to a
lack of financing options. We aim to significantly lower this
figure by making it easier to own a Capstone energy solution,"
added Crouse.
"We believe that this technology has tremendous potential and
are excited to be partnering with Capstone to make clean and
reliable onsite power more accessible," said Kenda Brown, President
of Capstone Energy Finance.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com)
(Nasdaq:CPST) is the world's leading producer of low-emission
microturbine systems and was the first to market commercially
viable microturbine energy products. Capstone Turbine has shipped
over 8,600 Capstone Microturbine systems to customers worldwide.
These award-winning systems have logged millions of documented
runtime operating hours. Capstone Turbine is a member of the U.S.
Environmental Protection Agency's Combined Heat and Power
Partnership, which is committed to improving the efficiency of the
nation's energy infrastructure and reducing emissions of pollutants
and greenhouse gases. A UL-Certified ISO 9001:2008 and ISO
14001:2004 certified company, Capstone is headquartered in the Los
Angeles area with sales and/or service centers in the New York
Metro Area, United Kingdom, Mexico City, Shanghai and
Singapore.
The Capstone Turbine Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6212
This press release contains "forward-looking statements," as
that term is used in the federal securities laws, about the success
of the Capstone Energy Finance joint venture. Forward-looking
statements may be identified by words such as "expects,"
"objective," "intend," "targeted," "plan" and similar phrases.
These forward-looking statements are subject to numerous
assumptions, risks and uncertainties described in Capstone's
filings with the Securities and Exchange Commission that may cause
Capstone's actual results to be materially different from any
future results expressed or implied in such statements. Capstone
cautions readers not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. Capstone undertakes no obligation, and specifically
disclaims any obligation, to release any revisions to any
forward-looking statements to reflect events or circumstances after
the date of this release or to reflect the occurrence of
unanticipated events.
"Capstone" and "Capstone MicroTurbine" are registered trademarks
of Capstone Turbine Corporation. All other trademarks mentioned are
the property of their respective owners.
CONTACT: Capstone Turbine Corporation
Investor and investment media inquiries
818-407-3628
ir@capstoneturbine.com
INVESTORS:
Dian Griesel Int'l
Cheryl Schneider/Tom Caden
212-825-3210
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