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.
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 Corporation |
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Investor and investment media inquiries: |
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818-407-3628 |
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ir@capstoneturbine.com |
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Integra Investor Relations |
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Shawn M. Severson |
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415-226-7747 |
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cpst@integra-ir.com |
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.
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