Eco-friendly, Energy Efficient System Will
Provide Reliable, Remote Power
Capstone Green Energy Corporation (NASDAQ: CGRN), a global
leader in carbon reduction and on-site resilient green Energy as a
Service (EaaS) solutions, announced today that it continues to
expand its Energy-as-a-Service (EaaS) business with a rental
contract for a 600 kilowatt (kW) microturbine-based system with one
of the largest energy infrastructure companies in North
America.
The minimum 6-month EaaS agreement is the sixth such system
utilized by this oil and gas customer, reflecting the Company's
interest in high reliability, more environmentally friendly power
solutions for its operations. As an oil-free, low-maintenance power
generating source, microturbine-based systems are ideal for remote
locations where reliability is key and on-site staff is minimal or
non-existent.
The contract, secured by Horizon Power Systems, Capstone's
exclusive Distributor for the Mid-Western U.S. and Western Canada,
is expected to be commissioned in mid-May 2022. The new system will
supply power to remote mid-stream operations along the customer's
pipeline in Colorado. The agreement also includes Capstone's
industry-leading Factory Protection Plan (FPP), which provides
complete service coverage, parts and labor for both scheduled and
unscheduled maintenance.
During the last fiscal year, in order to become a global partner
in carbon reduction and on-site resilient green energy solutions,
Capstone Green Energy began to accelerate its shift to an
Energy-as-a-Service or EaaS company. Capstone Green Energy is
focused on the EaaS business model, as it adds more diversity to
the Company's revenues and allows for a more streamlined staffing
model than the previous industrial manufacturing company business
model.
"Our customer was already familiar with Capstone Green Energy.
This repeat order demonstrates that they clearly value both the
power reliability and ease of permitting offered by low emissions,
clean energy microturbine-based technology," said Sam Henry,
President of Horizon Power Systems.
"This month, Capstone enters fiscal 2023 well positioned as an
Energy-as-a-Service provider of high efficiency, low emission power
generation products that enable customers to lower their energy
costs, increase their power resilience, and reduce their carbon
emissions," said Darren Jamison, Chief Executive Officer of
Capstone Green Energy.
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 Generation Technologies (EGT) 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 Solutions (ESS) business line designs
and installs microgrid storage systems creating customized
solutions using a combination of battery technologies and
monitoring software. Through Hydrogen & Sustainable Products
(H2S), 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 full fiscal years are estimated to be approximately $698
million in energy savings and approximately 1,115,100 tons of
carbon 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/20220421005375/en/
Capstone Green Energy Investor and investment media inquiries:
818-407-3628 ir@CGRNenergy.com
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