Capstone Green Energy Announces New Two-Year 4MW EaaS Contract – Plans to Expand Rental Fleet to 21.1MW by March 31, 2022 | News
VAN NUYS, Calif.–(BUSINESS WIRE)–January 25, 2022–
Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ: CGRN) (“Capstone”, the “Company”, “we” or “us”), a global leader in carbon reduction and energy On-Premises Resilient Greenhouse as a Service (EaaS), today announced that it has entered into a two-year, 4-megawatt (MW) long-term lease agreement with a new end-user customer in the cryptocurrency mining space . The new two-year contract represents an additional 4 MW of clean energy rental systems as a service (EaaS) and continues Capstone Green Energy’s expansion of its current long-term rental fleet to 21.1 MW of here on March 31, 2022.
“Capstone continues to grow its EaaS business, including its long-term rental program. This is an important component to achieving our near-term profitability goals as rentals generate higher contribution margin rates than traditional product sales,” said Darren Jamison, President and Chief Executive Officer. of Capstone Green Energy. “With this new long-term contract of 4 MW and the existing pipeline of rental projects, we expect to achieve our target of a rental fleet of 21.1 MW by March 31, 2022,” concluded Mr. Jamison.
Located on an oil and gas well, this remote data center handles high-volume, blockchain, and cryptocurrency mining. The client contacted Capstone looking for an innovative way to leverage their existing on-site associated production gas, a by-product that would otherwise be released to the atmosphere.
Since Capstone microturbines are designed to provide fuel flexibility, the system will use the waste gas, essentially as free fuel, a benefit that not only reduces emissions, but also provides operational savings. Additionally, the increased reliability, low emissions, and nominal maintenance requirements of microturbine-based rental systems make them an ideal solution for remote locations, which can be difficult to reach and often face harsh weather conditions.
Cryptocurrency mining is the process by which new crypto “coins” are brought into circulation. Their production requires highly sophisticated computers, often in a data center, to solve complex computational mathematical problems. By their very nature, data centers require huge amounts of electricity. At a time when the power grid is under strain from extreme weather, aging infrastructure, and inadequate transmission, onsite power offers a resilient and cost-effective alternative for energy-intensive installations.
By offering customers Energy as a Service, Capstone Green Energy reinforces its commitment to creating smarter energy for a cleaner future, as reducing carbon emissions continues to have ever-increasing value for customers. global.
About Capstone Green Energy
Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ: CGRN) is a leading provider of custom microgrid solutions and onsite energy technology systems dedicated to helping customers around the world achieve their energy goals. environment, energy savings and resilience. Capstone Green Energy focuses on four key business areas. Through its Energy as a Service (EaaS) business, it offers rental solutions using its microturbine energy systems and battery storage systems, full-service Plant Protection Plan (FPP) contracts that guarantee life cycle costs, as well as spare parts. Power conversion products are driven by the company’s resilient, highly efficient, low-emission and industry-leading microturbine power systems, offering scalable solutions in addition to a wide range of tailored solutions , including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems by creating custom solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers its customers a variety of hydrogen-based products, including the company’s microturbine energy systems.
For clients with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: [email protected] To date, Capstone has shipped more than 10,000 units to 83 countries and estimates that in FY21, customers saved more than $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the past three years are estimated at 1,115,100 tonnes of carbon and $698 million in annual energy savings.
For more information about the company, please visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on TwitterLinkedIn, Instagram, Facebook and YouTube.
Caution 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 regarding green initiatives and execution of the company’s growth strategy and other statements regarding the company’s expectations, beliefs, plans, intentions and strategies. The Company has attempted to identify these forward-looking statements by using words such as “expect”, “anticipate”, “believe”, “could”, “should”, “estimate”, “intend”. , “may”, “will”, “plan”, “objective” and similar terms and expressions, but such words, terms and expressions are not the exclusive means of identifying such statements. Actual results, performance and achievements may differ materially from those expressed or implied by these forward-looking statements due to various risks, uncertainties and other factors, including, but not limited to, the following: the continuing effects of the COVID-19 Pandemic; the availability of credit and compliance with covenants governing the Company’s indebtedness; the Company’s ability to develop new products and improve existing products; product quality issues, including the adequacy of reserves therefor and the cost exposure ts of guarantee; 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 impending litigation. For a detailed discussion of factors that could affect the Company’s future results of operations, please see the Company’s filings with the Securities and Exchange Commission, including the information provided under “Risk Factors” in those documents. . 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, changes in circumstances or future events. or for any other reason.
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CONTACT: Capstone Green Energy
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KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
KEYWORD INDUSTRY: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & REAL ESTATE OIL/GAS ENVIRONMENT MATERIAL ENERGY ALTERNATIVE ENERGY TECHNOLOGY
SOURCE: Capstone Green Energy Corporation
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PUBLISHED: 01/25/2022 08:00 / DISK: 01/25/2022 08:02