LOS ANGELES--(BUSINESS WIRE)--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 Cal Microturbine, Capstone's exclusive distributor for California, Hawaii, Nevada, Oregon and Washington, has secured an order for two C600 Signature Series microturbines with Capstone integrated heat recovery modules (HRMs).
The order, totaling 1.2 megawatts (MWs), will be deployed to an on-site power plant for an industrial manufacturer in Southern California. The systems will be installed in a combined cooling heat and power (CCHP) application allowing the customer to reduce its reliance on the local electrical grid while saving on utility costs. The order is expected to be commissioned by Summer 2023.
“We continue to draw on our long history of advanced engineering to be a cutting-edge provider of low carbon 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 the predictability of energy costs and lowering their carbon footprint,” said Darren Jamison, Chief Executive Officer of Capstone Green Energy.
Two ultra-low emission Capstone ICHP C600S microturbine-based systems will provide 1.2 MWs of clean and resilient power, resulting in increased efficiency, enabling the manufacturer to reduce its carbon footprint while increasing operational efficiencies. The microturbines will be installed in a highly-efficient trigeneration application and supply energy in three forms: electricity, heat and chilled water. The application provides the best economic value to the customer and is designed to lower energy costs, increase resiliency and reduce greenhouse gas emissions.
“Cal Microturbine is extremely excited about the piqued interest and recent influx of Capstone microturbine's we've secured this year for California businesses,” said Ryan Brown, Chief Executive Officer at Cal Microturbine. “It seems that energy savvy businesses from all industries continue to see the value of incorporating Capstone Green Energy microturbines; to provide self-sufficient, clean, reliable, and low-cost power to their operation.”
“This order launches Cal Microturbine to a combined 8,240 kW of sold Capstone units to date in calendar 2022. And we are thrilled with the opportunity to continue our pilgrimage of converting as many businesses to Capstone Green Energy microturbine systems as possible for the advancement of their companies and the planet,” concluded Brown.
After a thorough analysis comparing various distributed generation technologies, operators ultimately chose low-emission Capstone microturbines as the ideal solution for their scalability, resiliency, and ability to reduce energy costs. In addition, Capstone's microturbine technology can be deployed in a number of weeks as opposed to months or years and at a cost typically lower than the local grid.
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.
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.