Capstone Partners with Acresis for New Distributor Product Financing Solutions
November 08 2016 - 8:30AM
Capstone Turbine Corporation (www.capstoneturbine.com)
(Nasdaq:CPST), the world's leading clean technology manufacturer of
microturbine energy systems, announced today that it has partnered
with Acresis to put together a potentially $100 million dollar
product-financing program for Capstone qualified distribution
partners to provide much needed working capital and growth capital.
Acresis is a full service firm dedicated to helping founders and
owners realize their goals of growth, liquidity and wealth. They
assist their clients in achieving their goals through strategy
development and execution, detailed planning to achieve sustainable
accelerated growth, and securing the necessary funding to support
that growth. They lead their clients through successful liquidity
events, such as mergers, acquisitions, roll-ups, sale of the
company, or capital infusions and prepare the founder or owner for
the subsequent wealth that is created. With an exclusive
network of over 400 mid-market private equity firms, family offices
and numerous long-term lender relationships for their client’s debt
related needs, they are uniquely positioned to deliver
results.
RSP Systems, Capstone’s distributor in the greater New York area
and Connecticut, with support from Acresis, secured an initial $3
million credit facility based on current sales of Capstone products
to quality end use New York area customers.
“Working with RSP Systems on securing this $3 million product
financing facility was a pleasure. We look forward to partnering
with Capstone to roll out this financing program to all qualified
Capstone distributors. It is an excellent opportunity for the
distributors to grow their revenue and expand their business with
Capstone,” said Michael Edwards, Acresis’ Operating Partner based
in The Woodlands, Texas.
RSP Systems was selected by Capstone as the pilot distributor
for this new product-financing program with Acresis as they are in
one of the largest and fastest growing combined heat and power
(CHP) markets in the world with solid energy efficiency incentives,
low cost natural gas and high electric utility rates.
“The CHP market in New York continues to expand from hotels and
hospitals to industrial customers and mixed use properties,” said
Cory Glick, President and Co-Founder of RSP Systems. “This new
financing program is critical as we continue to expand and grow our
Capstone business from historic levels,” added Mr. Glick.
Capstone, as part of its new focus on the energy efficiency or
CHP market, has commenced several initiatives to help spur the
growth of this market that is now more than 60% of the company’s
business. Capstone recently announced a new Signature Series
product line with integrated heat recovery modules and a
partnership with Sky Solar (Sky Group) for $50 million in
additional project capital (and an option for up to $100 million)
for the second phase of Capstone Energy Finance Joint Venture
(CEF), which was launched last December and currently has a
pipeline of $25 million in well-qualified projects.
“Acresis has successfully developed a solution that I believe
will afford several of our distributors access to low cost growth
capital based upon Capstone products and solid credit ratings of
our valued end use customers,” said Darren Jamison, President and
Chief Executive Officer at Capstone. “This is not only good for our
distribution partners but it is also an opportunity to meaningfully
improve Capstone’s cash cycle,” added Mr. Jamison.
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 has shipped
approximately 8,800 Capstone Microturbine systems to customers
worldwide. These award-winning systems have logged millions of
documented runtime operating hours. Capstone 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
9001:2015 and ISO 14001:2015 certified company, Capstone is
headquartered in the Los Angeles area with sales and/or
service centers in the United States, Latin America, Europe,
Middle East, China and Singapore.
This press release contains "forward-looking statements," as
that term is used in the federal securities laws, about the
advantages of our CHP applications, expansion of the CHP market,
the adoption of a product-financing program and the ability to grow
revenue and expand the Capstone business. 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 inquiries:
818-407-3628
ir@capstoneturbine.com
INVESTORS:
Dian Griesel Int’l
Cheryl Schneider
212-825-3210
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