Capstone Expands CHP Market in Canada with Major Canadian Real Estate Investment Trust
January 24 2018 - 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 secured
its initial order from a major Canadian real estate investment
trust (REIT).
Vergent Power Solutions, Capstone’s exclusive distributor for
the Upper Midwest, New England and Eastern Canada, secured the
order for the 260 kilowatt (kW) combined heat and power (CHP)
system, which will help provide backup capacity for the large
residential tower.
“Our CHP experience in New York and other key markets suggests
that penetrating the local area REITs is an essential first step in
opening a new CHP market, as large REITs tend to be very high
profile industry thought leaders,” said Darren Jamison, President
and Chief Executive Officer of Capstone. “Ontario is Canada's most
populous province accounting for nearly 40 percent of the country's
population and is the second-largest province in the total area, so
it is a critical CHP market for Capstone. We are very happy with
the performance of Vergent Power’s initial CHP projects,” added Mr.
Jamison.
Vergent Power is working with its strategic partner Whitby Hydro
Energy Services to develop follow-on orders for other large
multi-tenant buildings and REITs throughout the Toronto area.
Additionally, Vergent Power is seeing increased interest in CHP
products in the Ontario market, with rising electric rates and
low-priced natural gas fueling interest in the energy saving
technology.
Microturbines also have a minimal impact on the environment,
making them the ideal candidate for distributed generation projects
in Canada, which has very strict emissions regulations.
Additionally, Ontario is very progressive in offering an incentive
for installing efficient CHP systems, which we believe is further
creating new demand for Capstone’s innovative microturbine
technology.
“The Capstone microturbine is an ideal fit for multi-unit
residential applications in cold weather climates,” said Justin
Rathke, Vergent Power’s President. “This is already our fourth
Capstone CHP system to be installed in an apartment or condominium
building in the Toronto area because building owners are looking
for energy savings and resiliency. The Capstone product is compact
and quiet, which allows for simple installation into existing urban
buildings, plus the auto-transfer capability allows building owners
to immediately power and heat their buildings if the grid fails,”
stated Mr. Rathke.
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 over
9,000 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 and
Asia.
Forward-Looking Statements
This press release contains "forward-looking statements," as
that term is used in the federal securities laws. 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 CorporationInvestor
and investment media
inquiries:818-407-3628ir@capstoneturbine.com
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