Capstone Turbine (NASDAQ:CPST)
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3 Months : From Apr 2019 to Jul 2019
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq: CPST), the world’s leading clean technology manufacturer of microturbine energy systems, announced today that Capstone and Green Energy Sustainable Solutions, Inc. (GESS) have entered into a joint marketing agreement to further the awareness of biogas and renewable natural gas (RNG) as the fuel of the future at the 103rd Indianapolis 500.
Capstone has agreed to join GESS in their partnership with Harding Steinbrenner Racing in a multi-race sponsorship of the #88 Honda-powered Indy car. Capstone and GESS will sponsor the #88 Honda-powered Indy car at the Indianapolis 500 and a variety of other races throughout the remainder of the 2019 IndyCar Series season under the terms of the joint marketing agreement. In 2019, IndyCar events will be distributed exclusively across NBC Group platforms in the USA. IndyCar reaches an audience of approximately 160 million people around the globe.
Capstone and GESS recently signed a long-term national account agreement under which GESS placed an initial order for 9.6 MWs, or approximately $13 million, of Capstone microturbines. GESS is currently developing more than twenty biogas projects across the United States that will each produce 550,000 MMBtu worth of RNG to be directly injected into the national natural gas pipeline infrastructure. Under the new national account agreement, GESS plans to build out twenty plus projects over three years, which if successful, GESS would purchase a total of approximately $53 million of Capstone product.
Capstone and GESS were eager to grow their brands together in the NTT IndyCar Series with 19 year old rookie phenom, Colton Herta, and Harding Steinbrenner Racing in an effort to increase the overall awareness of biogas and RNG as a critical part of the new green economy and to help combat the effects of climate change caused by global warming.
“Having GESS and Capstone on our car for the IndyCar Grand Prix was exciting, and we look forward to competing at the 103rd Indianapolis 500,” said co-owner of Harding Steinbrenner Racing, Mike Harding. “The GESS organization combined with Capstone microturbines make a formidable team who is looking to make major leaps in helping improve the earth with clean energy, and we’re honored to be a part of it all. I’m looking forward to our partnership with GESS and Capstone, and continuing to bring great results on the track,” added Mr. Harding.
“We are very happy to have GESS, and now Capstone join us as our sponsors for a multi-race deal,” said co-owner of Harding Steinbrenner Racing, George Michael Steinbrenner IV. “The renewable energy and biogas industries are becoming more and more prevalent in our society as people become aware of the implications of climate change. We are pleased that GESS and Capstone are looking to IndyCar and Harding Steinbrenner Racing to help expand their platform and build awareness around these important environmental issues,” added Mr. Steinbrenner IV.
Capstone is committed to improving the efficiency of energy generated around the world, while simultaneously reducing global emissions of pollutants and greenhouse gases. Capstone, working in support of GESS, will provide biogas systems designed to help end-users improve their impact on the environment while meeting critical power and reliability needs.
“We are very excited at this partnership opportunity as we look to further the awareness of our shared core values to bring about continued positive benefits to the environmental well-being of our planet,” said Darren Jamison, President and Chief Executive Officer of Capstone. “If you like saving money, would like to save the planet, or don’t like being left in the dark for prolonged periods of time, you should consider Capstone’s innovative, clean and green microturbine products,” concluded Mr. Jamison.
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, whose global headquarters are located in Raleigh, North Carolina. With over 350 completed projects worldwide, GESS 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 offers design and implementation solutions with a direct economic impact for its customers and their communities.
About Harding Steinbrenner Racing
Indianapolis based Harding Steinbrenner Racing is led by Indianapolis businessman Mike Harding and George Michael Steinbrenner IV. Brian Barnhart is team president, and two-time Indianapolis 500 winner Al Unser Jr. serves the team as executive consultant. Harding Steinbrenner will compete on a full-time basis in the 2019 IndyCar Series with Colton Herta, driver of the #88 Honda-powered Indy car.
About Colton Herta
Colton Herta began racing go-karts at the age of four. At 12, he turned to cars and promptly won the Pacific F1600 Series championship and finished second in the Skip Barber Summer Series. At 16 years old, the Valencia, California, native quickly impressed by winning the second race of the Indy Lights Presented by Cooper Tires Championship 2017 season. That year he also led the series with seven pole positions, set five new track records and earned Rookie of the Year honors. Most recently, Herta won the Rolex 24 Hours IMSA race with the Rahal Letterman Racing team and placed second in the Indy Lights Presented by Cooper Tires Championship with four wins, three pole positions and 13 podium finishes.
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.
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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/03c3c8e7-9317-4103-b338-f108b9ec3742. The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.