Capstone Signs National Account Agreement with GESS Inc. and Receives a 9.6 MW Initial Order for Multiple U.S. Renewable Natu...
May 14 2019 - 8:30AM
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:
CPST), the world’s leading clean technology manufacturer of
microturbine energy systems, today announced that it signed a
long-term national account agreement with Green Energy Sustainable
Solutions, Inc. (GESS). As part of this agreement, Capstone
secured an initial order for 9.6 MWs made up of twelve Signature
Series microturbines complete with Capstone’s proprietary roof
mounted heat recovery modules as well as Capstone’s PowerSync
control platform.
The initial 9.6 MW order is the largest received by Capstone in
over four years and is the largest order in the growing renewable
energy market vertical in the company’s history. Payment terms will
be secured by a letter of credit set up 30 days prior to each
microturbine shipment, with shipments estimated to commence in
early 2020 and conclude by the end of that year.
Since 1997, the GESS team has been offering customers custom
designed and built, green energy and energy efficiency solutions
worldwide. Providing solutions for over 21 years, GESS has
completed over 350 projects worldwide. The initial biogas projects
will be developed in six U.S. locations in Idaho, Missouri and
North Carolina.
All projects will be covered by a comprehensive 10-year Capstone
Factory Protection Plan (FPP). The Capstone FPP is a comprehensive
maintenance program designed to give financial peace of mind to
microturbine customers by providing product life cycle costs at a
fixed rate for both scheduled and unscheduled maintenance for the
life of the microturbine system.
The biogas for the projects will be developed utilizing pig
manure, cow manure, and agricultural green waste. The biogas will
be compressed and cleaned before being injected into the natural
gas pipeline to create renewable natural gas (RNG) thereby creating
a renewable fuel to provide a lower carbon environment and a clean
energy future.
According to a 2018 Navigant Consulting report for Southern
California Gas Co., replacing less than 20 percent of the
traditional natural gas supply with RNG captured from sources like
dairies, wastewater treatment plants and landfills can achieve
greenhouse gas (GHG) emissions reductions equivalent to converting
100 percent of buildings in Southern California to electric only
energy by 2030. And using a mix of in and out of state RNG is three
times more cost-effective in reducing GHGs than an electrification
pathway.
“Capstone is excited to be partnering with GESS on the
development of these biogas projects and helping create renewable
natural gas as the fuel of choice in the new green economy,” said
Darren Jamison, Capstone’s President and Chief Executive Officer.
“Capstone’s strategy has been and will continue to be focused on
strengthening our core markets while diversifying into additional
market verticals like biogas and renewable natural gas. The recent
growth in our product bookings indicates the improving conditions
in the U.S. economy, as current industry fundamentals remain
favorable across most sectors where our clean and green products
serve,” added Mr. Jamison.
“The GESS team has spent years developing its biodigester
solutions, securing the necessary land leases and manure rights to
now be in a position to begin the large-scale rollout of U.S. based
biogas and renewable natural gas projects,” stated Shaun Lee, Chief
Executive Officer at GESS International. “I have long been a
champion of the Capstone microturbine technology by installing my
first Capstone C30 back in 1997,” concluded Mr. Lee.
Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:
CPST) is the world’s leading producer of highly efficient,
low-emission, resilient microturbine energy systems. Capstone
microturbines serve multiple vertical markets worldwide, including
natural resources, energy efficiency, renewable energy, critical
power supply, transportation and microgrids. Capstone offers a
comprehensive product lineup, providing scalable systems focusing
on 30 kWs to 10 MWs that operate on a variety of gaseous or liquid
fuels and are the ideal solution for today's distributed power
generation needs. To date, Capstone has shipped over 9,000 units to
73 countries and have saved customers an estimated $253 million in
annual energy costs and 350,000 tons of carbon.
For more information about the company, please visit
www.capstoneturbine.com. Follow Capstone Turbine on Twitter,
LinkedIn and YouTube.
About Green Energy Sustainable Solutions,
Inc.
Green Energy Sustainable Solutions, Inc. (GESS)
is a highly experienced and globally established renewable energy
service company and distributor for Capstone in Ukraine, whose
global headquarters are located in Raleigh, North Carolina.
With over 350 completed projects worldwide, GESS, Inc. has
over 21 years of expertise in providing energy efficient
solutions using co-generation and renewable energy resources such
as solar and biogas. From consulting to managing operations of our
completed projects, GESS, Inc. offers design and implementation
solutions with a direct economic impact for its customers and their
communities.
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,”
“believes,” “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: |
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Capstone Turbine
CorporationInvestor and investment media
inquiries:818-407-3628ir@capstoneturbine.com |
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Integra Investor RelationsShawn
M. Severson415-226-7747cpst@integra-ir.com |
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