Capstone Green Energy (NASDAQ:CGRN) Signs 10-Year Service Contract on Energy Efficiency System at a Large Spirit Distillery in Jamaica
Capstone Green Energy Corporation (NASDAQ:CGRN) announced a 10-year service contract with Innovative Energy Company Limited for a Capstone Signature Series C200S system in Jamaica. The system provides dual-mode electrical and thermal energy, covering all energy needs for a major distillery and reducing energy costs by 26%. The Factory Protection Plan guarantees fixed maintenance costs for the decade. This move supports Jamaica’s clean energy goals and aims to mitigate power outages caused by severe weather.
- 10-year service contract enhances long-term revenue stability.
- C200S system reduces energy costs for the distillery by 26%.
- Project contributes to Jamaica's greenhouse gas emissions reduction by 14%.
- Factory Protection Plan ensures predictable maintenance costs.
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VAN NUYS, CA / ACCESSWIRE / July 8, 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 Innovative Energy Company Limited, Capstone's exclusive distributor for Jamaica and distributor for the oil and gas markets in Guyana, signed a new 10-year Capstone Factory Protection Plan (FPP) service contract for a Capstone Signature Series C200S system installed in Jamaica.
The Capstone Signature Series C200S system is owned and operated by one of the island's largest and oldest spirit distilleries. The C200S, commissioned in late 2020, is used for 24x7 electrical and thermal energy generation and is configured for dual-mode operation allowing the distillery to provide backup power to critical loads in the event of a grid outage.
The project design efficiency is
The Capstone FPP will provide the end-use customer with fixed scheduled and unscheduled parts costs for the next 10 years, providing protection from future cost increases associated with the replacement of spare parts, commodity pricing, and import tariffs. "With the Capstone gold standard, all-inclusive Factory Protection Plan, our client is able to enjoy a 10-year, worry-free operational period, knowing that all maintenance costs for the project are covered," said Nigel Davy, Managing Director of Innovative Energy Company Limited.
"We are pleased that Capstone Green Energy is playing a larger role in Jamaica's commitment to integrate clean energy sources and increase energy resiliency as part of the Energy Cooperation Framework signed by the U.S. and Jamaica in 2018," said Tracy Chidbachian, Capstone's Director of Customer Service. "Capstone Green Energy, along with Innovative Energy Company, is leading the way in advancing Jamaica's environmental goals by integrating clean energy sources, including natural gas and renewable energy," concluded Ms. Chidbachian.
"With the change in climate and increase of tropical storms in the Caribbean, power outages are more than an inconvenience; they are a significant hazard. Power outages are detrimental to people's well-being and safety and have a devastating impact on the region," said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. "This new contract demonstrates that Innovative Energy Company is taking steps to keep up with the energy revolution and protect its end-use customers from prolonged unplanned power outages caused by severe weather," 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
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.
CONTACT:
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
ir@CGRNenergy.com
SOURCE: Capstone Green Energy Corporation
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