LOS ANGELES–(BUSINESS WIRE)–Oct 21, 2022–
Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, continues to grow in the Energy as a Service (EaaS) market with a new two-year – rent for an industrial growing operation. . The contract was awarded to Capstone Engineered Solutions, a new National Account focused on engineering, procurement, and construction (EPC) of projects that exclusively use Capstone Green Energy products.
“The latest 600 kW rental in the industrial growth home market further diversifies the customer base of the rental fleet within a market that we expect to see strong future growth. .The rental program truly allows Capstone’s premium product to provide clean and reliable power ‘when and where you need it’ by reducing costs from capital budgets and eliminating competing priorities for money. In addition, the inclusion of all service costs within the fixed monthly rental payments makes customers less familiar with self-generation comfortable with this cost-saving green technology,” said Marc Rouse, Director of Sales at Capstone Green Energy.
“Capstone sees strong customer demand across industries for long-term EaaS rental services, with 7 MW under contract in March 2021, 26 MW under contract in March 2022, and 34 MW under contract by the end of July,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. “The benefit of our low life cycle costs allows us to be extremely competitive in the EaaS market compared to selling equipment where customers don’t always think about the future life cycle and maintenance costs.”
“The successful closing of our $8 million underwritten public offering coupled with the search for additional re-rent units allows us to continue to focus on achieving our previously announced next target of a 50 MW rental fleet, including re-rentals,” concluded Jamison.
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 world achieve their environmental, energy conservation, and sustainability goals. Capstone Green Energy focuses on four key lines of business. Through its Energy as a Service (EaaS) business, it offers rental solutions using microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantees life cycle costs, as well as aftermarket parts. Energy Generation Technologies (EGT) is driven by the Company’s industry-leading, highly efficient, low-emission, robust microturbine energy systems that offer scalable solutions in addition to a wide range of customer-tailored solutions , including hybrid energy systems and larger industrial turbine frames. . The Energy Storage Solutions (ESS) business line designs and installs microgrid storage systems that create 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 more than 10,000 units to 83 countries and estimates that in FY22, it has saved customers more than $213 million in annual energy costs and approximately 388,000 tons of carbon. The total savings over the past four years have been estimated at 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@CGNRenergy.com.
For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow Capstone Green Energy at TwitterLinkedIn, Instagram, Facebook, and YouTube.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, including statements about the Company’s target for the development of its fleet and other statements about the expectations, beliefs, plans, objectives, and strategies of the Company. The Company attempts to identify these forward-looking statements by using words such as “anticipate,” “anticipate,” “believe,” “may,” “should,” “estimate,” “intend,” “could, ” “may,” ,” “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 may differ materially from those expressed in, or implied by, these forward-looking statements due to various risks, uncertainties and other factors, including, but not limited to of, the following: the Company’s sufficiency of working capital to meet the fleet lease growth target; the continued impact of the COVID-19 pandemic; the availability of credit and compliance with governing agreements of the Company’s indebtedness; the Company’s ability to develop new ones product and improvement of existing products; product quality issues, including the adequacy of its reserves 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 the filings. Except as expressly required by 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. events, or for any other reason.
See the original version on businesswire.com:https://www.businesswire.com/news/home/20221021005100/en/
CONTACT: Capstone Green Energy
Investor and investment media questions:
818-407-3628
ir@CGNRenergy.com
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: OTHER ENERGY UTILITIES OIL/GAS ENVIRONMENT ALTERNATIVE ENERGY ENERGY ENVIRONMENTAL HEALTH GREEN TECHNOLOGY
SOURCE: Capstone Green Energy Corporation
Copyright Business Wire 2022.
PUB: 10/21/2022 08:15 AM/DISC: 10/21/2022 08:16 AM
http://www.businesswire.com/news/home/20221021005100/en
