Units Will Provide Clean, Reliable Power at Numerous Remote Site
LOS ANGELES, September 21, 2022--(BUSINESS WIRE)--Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, announced today that E-Finity Distributed Generation, Capstone's exclusive distributor for the Mid-Atlantic, Southeastern United States and the Caribbean, has secured an order for 5 C65 microturbine systems to be deployed at various oil and gas wellhead sites in the Marcellus Shale region. The systems represent a second follow-on order from the customer and will be added to an already extensive fleet.
"As emissions requirements become more stringent and more widespread, many global energy companies are rising to the challenge and taking action to reduce their environmental impact without sacrificing reliability," said Darren Jamison, Chief Executive Officer of Capstone Green Energy. "Customers such as this one can easily appreciate all the environmental and cost saving benefits of a having a Capstone Green Energy solution once they experience it firsthand, and that shows in the investment they're making to convert their fleet to this greener, more reliable way of generating on-site energy."
Once commissioned in the second quarter of 2023, the natural gas-fueled microturbine systems will provide continuous prime power for various sites across the Marcellus reserve, providing the electrical power required to operate equipment at the wellhead, metering, and dehydration sites. The dual-mode 65 kilowatt (kW) microturbines will allow the customer to generate power from production gas for on-site power delivering lower operational costs and reducing site emissions.
"One follow-on order from a customer is a good indication of satisfaction with our technology and service. A second follow-on shows that we have certainly earned the customer's full faith that we deliver on our promises of reliability and lower emissions," said Jeff Beiter, President of E-Finity Distributed Generation. "These critical power applications are located throughout the remote, harsh weather conditions of the Appalachian region and we are delivering power when and where it is needed."
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.
To date, Capstone has shipped over 10,000 units to 83 countries and estimates that in FY22, it saved customers over $213 million in annual energy costs and approximately 388,000 tons of carbon. Total savings over the last four years are estimated to be approximately $911 million in energy savings and approximately 1,503,100 tons of carbon savings.
For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com.
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 the Company's target for growth of its rental fleet 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 sufficiency of the Company's working capital to meet its rental fleet growth target; 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 departures and other changes in management and other key employees. 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.
SOURCE: Capstone Green Energy Corporation
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