System supports 100% of electricity,
domestic hot water and peak cooling needs
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 solutions, today announced that
Innovative Energy Company Limited (IEC), Capstone’s exclusive
distributor for Jamaica and Guyana, has secured an order for a
hybrid PV solar and microturbine trigeneration system for a hotel
complex in Jamaica.
The hotel’s parent company, which owns and operates five major
hotels in Jamaica, sought to reduce their energy cost, as well as
their greenhouse gas emissions. With a 90% estimated efficiency,
the new system will negate the company’s previously planned
investment in a 2 megawatt (MW) standby generator system.
Designed for maximum sustainability in this environmentally
sensitive region, the system will produce 2.25 MW of hybrid
electrical capacity or 100% of the hotel’s peak electrical demand,
while also providing 60% reserve capacity to support the customer’s
interest in establishing energy independence. In addition to
delivering approximately 9,000,000 kilowatt hours (kWh) of the
hotel’s annual electrical energy, the trigeneration system will
produce 440 kW, or 1.5 MMBtu per hour, of domestic hot water and
599 tons of dual-fired absorption cooling for the hotel’s peak
cooling demand.
In all, based on Capstone’s calculations, the new installation
is estimated to reduce the hotel’s energy cost by over 45%,
offering a simple payback of an estimated 3.5 years. The customer
has also contracted with IEC and Capstone Green Energy for a
20-year, all-inclusive Factory Protection Plan (FPP), which
provides ongoing, worry-free system maintenance, parts and
labor.
“This project is the second that this customer has contracted
IEC to complete, the previous being similar in design with an
equally compelling simple payback of less than 4 years,” said Nigel
Davy, Managing Director of IEC. “The goal of IEC and Capstone is to
build deep long-term customer relationships and be a one stop shop
for green energy solutions,” added Mr. Davy.
Given the hotel’s pristine natural environment, the customer was
keenly interested in an environmentally-friendly solution. The
highly efficient trigeneration configuration, based on Capstone’s
calculations, is estimated to reduce the hotel’s annual greenhouse
gas emissions by 31%—the equivalent of 1,154 metric tons of CO2e
when compared to energy from traditional, fossil fuel-only
generating sources.
“Hotels and resorts are well suited for microturbine-based co-
and tri-generation power systems due to their high levels of need
for energy to include domestic hot water, power and cooling,” said
Darren Jamison, Chief Executive Officer of Capstone Green Energy.
“The cost savings alone are highly compelling but add the clean
energy benefits, particularly for hotels and resorts in sensitive
regions, make systems like this one a truly ideal energy
solution.”
About Innovative Energy Company Limited (IEC)
Innovative Energy Company Limited (IEC) is a Jamaican,
vertically-integrated energy company with over three decades of
experience in the private energy industry. IEC develops, designs,
constructs and operates PV solar farms, cogeneration and
trigeneration energy projects on a turnkey basis for our clients.
We also provide “Energy as a Service” solutions to our clients.
With clean, quiet, reliable and resilient Capstone
Microturbines, IEC is giving its clients the power to be
independent. IEC is the exclusive Distributor and Service Provider
for Capstone Green Energy Corporation in Jamaica and Guyana.
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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