--Capstone will help achieve customer’s CO2
emissions and cost reduction goals--
Capstone Green Energy Corporation’s (NASDAQ: CGRN), exclusive
distributor for the Mid-Atlantic and Southeastern US and the
Caribbean, E-Finity Distributed Generation, has secured a new
long-term Energy-as-a-Service (EaaS) contract with a cryptocurrency
mining company looking to reduce its impact on the environment.
This business expansion demonstrates progress on the Company's
vision to create smarter energy for a cleaner future and builds on
its track record of saving its customers an estimated $698 million
in annual energy savings, and reducing CO2 emissions by more than
1,115,100, in the past three years alone.
Cryptocurrency mining is a fast-growing industry and involves
specialized computers used to compute complex mathematical puzzles.
Powering and cooling the processing units is extremely energy
intensive. This cryptocurrency mining company will use Capstone
Green Energy’s Energy-as-a-Service to generate more efficient and
cleaner electricity to power its remote data center operations.
Capstone Green Energy’s Energy-as-a-Service includes a low emission
and quiet microturbine providing data center quality power, unit
maintenance and 24/7 system monitoring at a fixed price for the
length of the contract.
The customer, which mines large volumes of cryptocurrency,
approached E-Finity wanting to take advantage of existing on-site
production waste gas that would otherwise go unused. Because
Capstone microturbines are designed to offer fuel flexibility, the
system will use the waste gas, a benefit that not only reduces
emissions but also offers operational savings. The Capstone
microturbines generate electricity that is already substantially
lower in emissions and cost from most grid power. Using energy that
would otherwise be wasted brings even greater environmental and
economic benefits to the project. Further, the added reliability
and low maintenance requirements of microturbine-based systems make
them ideal for remote locations, which can be hard to reach and
often deal with challenging climate conditions.
“This new cryptocurrency mining customer has a proven track
record of utilizing off-grid, stranded natural gas resources to
generate low-cost energy to fuel their mining operations. Using
Capstone's Energy-as-a-Service should allow them to achieve CO2
reduction goals while providing exceptional uptime by utilizing
highly reliable, low emission natural gas-fueled microturbines,”
said Darren Jamison, President and Chief Executive Officer of
Capstone Green Energy.
Capstone is seeing new growth as the cryptocurrency mining
industry, and other growing energy intensive industries, take
progressive steps that will allow them to lower their environmental
impact, maintenance costs and time spent managing their energy
supply, while also increasing power reliability.
“Our track record of successful operations in remote oil and gas
locations across the Mid-Atlantic and the data center quality power
generated by the microturbine-based systems was key to our
customer’s decision to deploy the three megawatt Capstone systems,”
said Jeff Beiter, Managing Partner of E-Finity Distributed
Generation. “Capstone’s Energy-as-a-Service provides peace of mind
for customers who are looking to reduce energy costs, receive
stable high-quality power, ensure ongoing monitoring and
maintenance, and limit their impact on the environment, all for a
fixed price.”
About Capstone Green Energy
Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ:
CGRN) is a leading provider of customized microgrid solutions and
on-site energy technology systems focused on helping customers
around the globe meet their environmental, energy savings, and
resiliency goals. Capstone Green Energy focuses on four key
business lines. Through its Energy as a Service (EaaS) business, it
offers rental solutions utilizing its microturbine energy systems
and battery storage systems, comprehensive Factory Protection Plan
(FPP) service contracts that guarantee life-cycle costs, as well as
aftermarket parts. Energy Conversion Products are driven by the
Company's industry-leading, highly efficient, low-emission,
resilient microturbine energy systems offering scalable solutions
in addition to a broad range of customer-tailored solutions,
including hybrid energy systems and larger frame industrial
turbines. The Energy Storage Products business line designs and
installs microgrid storage systems creating customized solutions
using a combination of battery technologies and monitoring
software. Through Hydrogen Energy Solutions, Capstone Green Energy
offers customers a variety of hydrogen products, including the
Company's microturbine energy systems.
For customers with limited capital or short-term needs, Capstone
offers rental systems; for more information, contact:
rentals@CGRNenergy.com. To date, Capstone has shipped over 10,000
units to 83 countries and estimates that, in FY21, it saved
customers over $217 million in annual energy costs and
approximately 397,000 tons of carbon. Total savings over the last
three years are estimated at 1,115,100 tons of carbon and $698
million in annual energy savings.
For more information about the Company, please visit:
www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on
Twitter, LinkedIn, Instagram, Facebook, and YouTube.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995, including
statements regarding expectations for green initiatives and
execution on the Company's growth strategy and other statements
regarding the Company's expectations, beliefs, plans, intentions,
and strategies. The Company has tried to identify these
forward-looking statements by using words such as "expect,"
"anticipate," "believe," "could," "should," "estimate," "intend,"
"may," "will," "plan," "goal" and similar terms and phrases, but
such words, terms and phrases are not the exclusive means of
identifying such statements. Actual results, performance and
achievements could differ materially from those expressed in, or
implied by, these forward-looking statements due to a variety of
risks, uncertainties and other factors, including, but not limited
to, the following: the ongoing effects of the COVID-19 pandemic;
the availability of credit and compliance with the agreements
governing the Company's indebtedness; the Company's ability to
develop new products and enhance existing products; product quality
issues, including the adequacy of reserves therefor and warranty
cost exposure; intense competition; financial performance of the
oil and natural gas industry and other general business, industry
and economic conditions; the Company's ability to adequately
protect its intellectual property rights; and the impact of pending
or threatened litigation. For a detailed discussion of factors that
could affect the Company's future operating results, please see the
Company's filings with the Securities and Exchange Commission,
including the disclosures under "Risk Factors" in those filings.
Except as expressly required by the federal securities laws, the
Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
changed circumstances or future events or for any other reason.
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version on businesswire.com: https://www.businesswire.com/news/home/20220322005568/en/
Capstone Green Energy Investor and investment media inquiries:
818-407-3628 ir@CGRNenergy.com
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