Capstone Is Focused on Growing the EaaS
Business Model Because It Provides Higher Margins, More Constant
and Predictable Revenue Streams
Capstone Green Energy Corporation’s (NASDAQ: CGRN) exclusive
distributor for the Mid-Atlantic and Southeastern U.S. and the
Caribbean, E-Finity Distributed Generation, has secured two new
36-month Energy-as-a-Service (EaaS) contracts 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 an
estimated 1,115,100 tons of carbon, in the past three years
alone.
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
systems 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 than 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.
“As an EaaS provider, Capstone Green Energy is focused on
growing its energy asset management business, including our
industry-leading Factory Protection Plan (FPP) service offering, as
well as our long-term on-site energy system rental business,” said
Darren Jamison, President and Chief Executive Officer of Capstone
Green Energy. “Our EaaS business provides a lower cost and carbon
footprint for on-site energy systems in energy-intense businesses
like hospitality, commercial, industrial, cannabis, and more
recently, bitcoin mining,” added Mr. Jamison.
Capstone Green Energy is focused on growing the EaaS business
model because it provides higher margins, more constant and
predictable revenue streams, and allows for a more streamlined
staffing model than a traditional industrial manufacturing company.
As part of this growth strategy, Capstone management has reduced
operating costs and modified the operating model, all while
continuing to expand its new EaaS business.
“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 six megawatts of Capstone energy
systems,” said Jeff Beiter, Managing Partner of E-Finity
Distributed Generation. “When these two sites are operational this
summer, we will have 13 MW of Capstone powered cryptocurrency
customers on top of our traditional oil and gas and combined heat
and power customers,” concluded Mr. Beiter.
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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