Capstone Green Energy Continues Its Success in the EaaS Market With a New Two-Year Rental Contract for an Industrial Grow Operation
Capstone Green Energy (NASDAQ: CGRN) is advancing its Energy as a Service (EaaS) strategy, targeting a rental fleet growth to 50 MW, funded by proceeds from an $8 million public offering. Recent contracts, including a 600 kW rental in the industrial grow operation market, demonstrate strong customer demand, with contracts increasing from 7 MW in March 2021 to 34 MW by July 2022. The EaaS model is appealing due to its cost-effectiveness, offering companies reliable energy solutions while minimizing capital expenditures. Capstone aims to meet rising market demands while bolstering its service offerings.
- Growth target of rental fleet to 50 MW aided by $8 million public offering.
- Successfully secured a 600 kW rental contract in the growing industrial sector.
- Increased rental contracts: 7 MW in March 2021, 26 MW in March 2022, and 34 MW by July 2022.
- Cost savings and reliability of EaaS model attracting strong customer demand.
- None.
Capstone Is Focused on Growing the EaaS Rental Fleet to 50 MW, Using a Portion of the Proceeds From the August
"The latest 600 kW rental in the industrial grow house market further diversifies the rental fleet's customer base within a market we expect 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 cash. Additionally, the inclusion of all service costs within the fixed monthly rental rates makes customers less familiar with self-generation comfortable with this cost saving green technology," said
"Capstone is seeing strong customer demand across industries for its EaaS long-term rental services, which had 7 MW under contract in
"The successful closing of our
About
To date, Capstone has shipped over 10,000 units to 83 countries and estimates that in FY22, it saved customers over
For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com.
For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow
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 the Company's target for growth of its rental fleet 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 sufficiency of the Company's working capital to meet its rental fleet growth target; 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
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