Capstone Green Energy to Provide 16 Microturbine Units for California Customers as California Continues Its Shift to Green
May 23 2022 - 8:00AM
Business Wire
Eco-friendly systems will reduce costs for
businesses in agriculture and hospitality
Capstone Green Energy Corporation
(www.CapstoneGreenEnergy.com) (NASDAQ:CGRN), ("Capstone,"
the "Company," “we” or “us”), a global leader in carbon reduction
and on-site resilient green Energy as a Service (EaaS) solutions,
announced today that Cal Microturbine (www.calmicroturbine.com),
exclusive distributor for California, Hawaii, Nevada, Oregon and
Washington, has secured six orders for C65 microturbines throughout
the state of California. The 16 C65 units will be installed for
customers in the agriculture, oil and gas, and hospitality
industries. The systems are expected to be commissioned in early
2023.
In all cases, Capstone’s microturbine technology was selected
for its ability to reduce energy costs while providing reliable,
low emissions power. The microturbines will be fueled by natural
gas but are capable of running on a 30% hydrogen blend, when
customers have access to such fuel blends in the future. For the
hospitality application, the systems will be configured for
Combined Heat and Power (CHP), allowing the site to capture waste
heat from the units to provide cost-effective heating for various
on-site applications.
“Providing clean, reliable, and low-cost power to our clients is
the foundation behind Cal Microturbine’s model. We believe that
Capstone microturbines have the perfect anatomical structure to
protect companies from the increased cost of power, from grid
unreliability, and to help propel businesses forward in their
pursuit to operate greener. This basket of projects in various
industries underscores that California’s energy market agrees,”
said Cal Microturbine Chief Executive Officer, Ryan Brown.
“We continue to draw on our long history of advanced engineering
to be a cutting-edge provider of clean energy solutions and
technology through our multiple product lines, each helping
different types of customers in California and around the world to
meet their energy needs while boosting the reliability of their
energy supply, improving predictability of energy costs and
lowering their carbon footprint,” 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 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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