VAN NUYS, CALIF.--(BUSINESS WIRE)--
Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, announced that Vergent Power Solutions, Capstone's distributor for the Midwest, New England and Eastern Canada, has secured an order for a 1.2 megawatt (MW) energy system for a northern Illinois gas utility company at their natural gas facility.
Facing the challenges of powering the site with aging traditional reciprocating engines, the client looked for a more reliable, lower maintenance, and greener energy solution. The new solution, which features two Capstone C600 Signature Series microturbines fueled by the facility's available high-pressure natural gas, will be the site's only source of electricity, providing standalone power around the clock once it is commissioned in the fall of 2022. A significant factor in the client’s decision to select Capstone microturbines is the system’s ultra-low emission and quiet operation, enabling them to improve their environmental footprint.
"Gas utilities can be at the forefront of lowering emissions of the country's energy supply, in the same fashion as electric utilities that are adding low-carbon power generation to the power grid," said Justin Rathke, President of Vergent Power Solutions. "Vergent Power is focused on delivering clean energy solutions that also enable firm energy supply, which is desperately needed to balance intermittent renewable energy production and maintain grid stability. This prime power natural gas system is another example of Vergent Power's low-carbon energy solutions that also includes efficient cogeneration and trigeneration, resilient microgrids, biogas to energy, and renewable natural gas," added Mr. Rathke.
"More and more, utilities are finding that Capstone microturbines are an ideal, cost-effective power solution, particularly where there is an existing on-site fuel source," said Darren Jamison, Chief Executive Officer of Capstone Green Energy. "These systems are also an important step in helping the oil and gas industry make positive environmental changes, which is good for the company, their communities, and the planet," concluded Mr. 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 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.
For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.
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.
SOURCE: Capstone Green Energy Corporation
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