Leading the Way in Resilient and Sustainable Energy Solutions, Capstone’s Microturbines Continue to Impress New and Returning Clients in Europe
LOS ANGELES–(BUSINESS WIRE)–$CGRN #AssociatedGas—Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green Energy-as-a-Service (EaaS) solutions announced that E-quad Power Systems GmbH, its distributor in Germany, Belgium, Denmark and the Netherlands, has recently entered into four contracts for a total of eight Capstone microturbines. The orders are from multiple customers operating in several different industries.
A German composite parts manufacturer located in Weilheim/Teck has ordered four Capstone C65 microturbines. These units will replace Capstone systems that have been in service for more than a decade in a combined heat and power system, which also operates as a part of a volatile organic compounds (VOC) cleaning application. The commissioning is expected in June 2023.
An offshore oil and gas exploration and production company based in the Netherlands has placed a new order for two Capstone C65 microturbines, updating their fleet of Capstone turbines. These units will operate on high-pressure natural gas on mainly unstaffed gas production platforms 300 km or 186 miles out in the North Sea. The new units are expected to be commissioned by July 2023.
A major oil and gas company has ordered one Capstone C65 microturbine. The unit will be used for combined heat and power and run on associated gas from the onshore production site near Steinhorst in Lower Saxony. The customer operates several onshore production facilities in Germany. The new unit is expected to be commissioned later this summer.
Another global operating oil and gas company has also ordered one Capstone C65 microturbine, and it will be used for local power needs at an onshore production site. The new unit is expected to be commissioned later this summer.
“The loyalty of our customers in returning to Capstone for additional units to support their operations is a testament to the reliability and efficiency of our solutions. From commercial and industrial to oil and gas production, Capstone is helping our customers meet their operational reliability needs with minimal maintenance requirements while also providing environmental benefits by lowering emissions associated with the energy production needed to operate their facilities,” said Capstone Green Energy President and Chief Executive Officer, Darren Jamison.
Marcus Mehlkopf, Chief Financial Officer, Dipl.-Ing (Engineering), from E-quad Power Systems added, “The volatility of gas and electricity prices has reached unprecedented levels, introducing uncertainty for our customers and us. In times like this, seeing our oil and gas customers return with new orders is especially satisfying. It is equally gratifying to see the huge investments we have made in new turbine markets bring in new sales – from the innovative VOC-treatment application to turbines operating on 100% hydrogen fuel. We are optimistic about the potential for microturbines to play a critical role alongside renewable energy in developing smart grids.”
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 growth expectations 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 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.
Capstone Green Energy
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