Capstone Turbine (NASDAQ:CPST)
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6 Months : From Apr 2019 to Oct 2019
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq: CPST), the world’s leading clean technology manufacturer of microturbine energy systems, announced today that Innovative Energy Corporation (IEC), Capstone’s exclusive distribution partner in Jamaica, has secured a second follow-on order for a C800 Signature Series microturbine along with a 20 year Factory Protection Plan. The C800 Signature Series will be installed in a combined cooling, heat and power (CCHP) configuration at the award-winning Couples Tower Isle luxury all-inclusive resort in Ocho Rios, Jamaica.
This will be the third Capstone microturbine installation at a Couples Resorts property in Jamaica as the luxury resort management team for multiple locations across the island continues to find creative ways to reduce their carbon footprint as well as their annual operating costs. The Capstone C800S will be installed and maintained by IEC.
In early 2018, IEC successfully developed and installed a Capstone C65 factory integrated combined heat and power (iCHP) system at the laundry facility located at the Couples Negril resort in Jamaica. The system now produces 100% of the required hot water for the resort’s laundry and 495,000 kWh electricity annually. This system saves the Couples Negril resort over 350 tons of greenhouse gases annually and significant dollars in their energy bill resulting in a less than 2-year payback of their investment.
In April 2018, IEC successfully secured a follow-on project for another C65 iCHP system at the same Couples Negril resort which now produces 100% of the domestic hot water for the 234-room all-inclusive resort and 495,000 kWh electricity annually. This system saves the resort over 400 tons of greenhouse gas emissions annually and dramatically cut their energy bill resulting in another 2-year simple payback, similar to that of the unit dedicated for the hotel’s laundry operation.
Appreciating the environmental and cost benefits of Capstone’s microturbine technology, the Couples Resorts executive and senior management teams have now doubled down on the clean and green technology and will deploy a Capstone C800S to operate in a CCHP mode at their Couples Tower Isle hotel in Ocho Rios. This third project is expected to reduce the resort’s greenhouse gas emissions by over 1,000 tons annually making it one of the, if not the greenest hotels in Jamaica. In addition, the project will yield energy savings of approximately 40% annually.
“When I met the forward-looking Couples Resorts engineering and management teams last August, they were impressed by the reliability and simplicity of the Capstone C65 product. More importantly, they praised and appreciated the attentiveness, dedication and technical capabilities of the locally owned and operated IEC team,” said Darren Jamison, President and Chief Executive Officer of Capstone.
“This all-inclusive luxury resort was one of a dozen or so customers I visited back in August 2018, with our new distributor, IEC, led by local energy entrepreneur Nigel Davy. With vast technical expertise and strong leadership, IEC is in the process of developing multiple projects for resorts, grocery stores, beverage manufacturers and the local airport. As power rates on the island are increasing to 28-36 cents per kWh, companies need to find a way to lower energy costs,” added Mr. Jamison.
Traditionally the hospitality industry accounts for some of the largest consumption of electricity and water due to the sheer size of their operations. According to the U.S. Green Building Council, hotels account for $4 billion in energy use to operate nearly 5 million guest rooms in the United States alone. With new interest in eco-friendly and sustainable operations by customers in recent years, hotels are starting to react by promoting new conservation efforts that also prove positive for their bottom line.
“Hotels and luxury resorts are an excellent fit for CHP and CCHP because of their combined 24-hour electrical and thermal energy needs. Capstone systems can provide a significant improvement in energy efficiency for operators and allow them to meet a shift in consumer preference towards sustainable hospitality operations,” said Jim Crouse, Executive Vice President of Sales and Marketing at Capstone Turbine. “Guests are no longer simply looking for clean rooms and free Wi-Fi, hotels and luxury resorts must look to provide eco-friendly accommodations and differentiate themselves in ways they have not had to do in the past,” concluded Mr. Crouse.
About 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 has 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.
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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