Eco-friendly systems will reduce costs for businesses in agriculture and hospitality
VAN NUYS, Calif., May 23, 2022--(BUSINESS WIRE)--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.
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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