Renewable Fuel Projects Made up 13% of Total Revenues in Fiscal 2021
VAN NUYS, CA / ACCESSWIRE / August 4, 2021 / Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) formerly Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST) ("Capstone" or the "Company"), announced today that its Direct Solution Sales Team received a contract for a Capstone Signature Series C1000S system to operate grid-connected on biogas at a wastewater treatment facility in Central America.
The new system, currently slated to be commissioned in November 2021, is expected to allow the site to reduce the amount of electricity needed to be purchased from the local utility. As a biogas-based system, the configuration will capture the methane produced by the anaerobic digesters and use it to fuel the C1000S system. Due to the coastal location, the system will include a high humidity enclosure, which minimizes the effects of the climate and helps ensure equipment reliability.
"Thanks to the anaerobic digesters, the plant essentially has access to free fuel. In addition, the methane produced will no longer need to be flared off into the atmosphere, which will reduce the plant's emissions and improve air quality for local communities," said Jim Crouse, Capstone Green Energy Chief Revenue Officer.
Capstone has appointed DTC Machinery, the Company's distributor in Central America, to provide support once the system is installed and commissioned.
According to the Environmental and Energy Study Institute (EESI),biogas can provide a clean, renewable, and reliable source of baseload power in place of coal or natural gas. Renewable baseload power can complement more intermittent renewables. Similar to natural gas, biogas can also be used as a source of peak power that can be rapidly ramped up. Using stored biogas limits the amount of methane released into the atmosphere and reduces dependence on fossil fuels. The reduction of methane emissions derived from tapping all the potential biogas in the United States is estimated to be equal to the annual emissions of up to 11 million passenger vehicles.
Capstone Green Energy is focused on increasing the use of biogas and other renewable fuels. In fiscal year 2021, 13% of Capstone Green Energy revenues were derived from biogas-to-energy projects or other renewable fuels. Generating electricity from biogas is a process that has been widely implemented around the world. World Biogas Association estimates that there are approximately 132,000 small, medium or large-scale digesters operating in the world, providing a large-scale global opportunity for implementing new biogas-based systems.
"The addition of a biogas-based microturbine system at a wastewater treatment facility is essentially a win-win for everyone involved," said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. "Not only does it provide long-term cost savings and environmental benefits, but it also offers greater energy independence and reliability. We believe it's truly an ideal solution for these types of facilities," concluded Mr. Jamison.
About Capstone Green Energy
Capstone Green Energy (www.CapstoneGreenEnergy.com) (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 Conversion Products 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 Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, 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 years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.
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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.
Capstone Green Energy
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