Capstone Green Energy Receives Order to Provide 2 MW of Clean and Green Power for a Municipal Water Authority in the Caribbean
May 03 2022 - 8:00AM
Business Wire
The Project Will Increase Water Security and
Stabilize Access to Electricity for the Developing Island
Nation
Capstone Green Energy Corporation (NASDAQ: CGRN), a global
leader in carbon reduction and on-site resilient green Energy as a
Service (EaaS) solutions, today announced that E-Finity Distributed
Generation, Capstone's exclusive distributor for the Mid-Atlantic,
Southeastern United States and the Caribbean, has secured an order
for two Capstone C1000S microturbine systems for a government water
authority in the Caribbean. The systems will provide emergency
standby power to several pumping stations throughout the remote
island community. The 2 megawatt (MW) system is scheduled to be
commissioned towards the end of calendar year 2022.
"Delivering clean, reliable, low-cost power to the Caribbean is
a fundamental priority for Capstone and our partner E-Finity right
now," said Darren Jamison, President and Chief Executive Officer.
"The high cost of power, low grid reliability, and the desire to be
green, make the Caribbean a growing market for our innovative
products and services," added Darren Jamison, Chief Executive
Officer of Capstone Green Energy.
Fueled by natural gas, the microturbines will operate in
stand-alone mode, providing critical power to the pumping station.
The station will have the ability to automatically switch between
the utility grid and microturbines for power generation. This will
help the Authority run the microturbines during grid outages or
weather events and also peak shave to save money on utility
costs.
Capstone's high efficiency, low-emission microturbines were
selected over competing technologies in part because of their
superior performance and ability to lower operational costs and
increase resiliency. In addition, the microturbines require no oil
or lubricants to operate; this translates to higher equipment
availability and longer maintenance intervals and removes the
possibility of contamination to the island's water supply.
"The microturbines are great options for critical power
infrastructure sites. Only having one moving part allows for high
uptime along with the inherent built-in redundancy of the C1000S,
ensures that the pumping station will have clean, reliable power
100% of the time,” said Jeff Beiter, President, E-Finity
Distributed Generation.
About Capstone Green Energy
Capstone Green Energy (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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Capstone Green Energy Investor and investment media inquiries:
818-407-3628 ir@CGRNenergy.com
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