Capstone Green Energy Secures a 3 MW Energy-as-a-Service Contract for a Remote Data Center Handling Cryptocurrency Mining
Capstone Green Energy Corporation (NASDAQ: CGRN) has secured a long-term Energy-as-a-Service (EaaS) contract with a cryptocurrency mining company aiming to reduce environmental impact. This contract exemplifies the company’s dedication to providing sustainable energy solutions, contributing an estimated savings of $698 million in annual energy costs and over 1,115,100 tons of CO2 reductions in the last three years. The use of waste gas in Capstone's microturbines enhances efficiency and lowers emissions, aligning with the company's vision for cleaner energy.
- Secured a long-term EaaS contract with a cryptocurrency mining company.
- Demonstrated capability of reducing over $698 million in annual energy costs.
- Achieved CO2 emissions reduction by more than 1,115,100 tons in the last three years.
- Utilization of waste gas enhances operational savings and efficiency.
- None.
--Capstone will help achieve customer’s CO2 emissions and cost reduction goals--
Cryptocurrency mining is a fast-growing industry and involves specialized computers used to compute complex mathematical puzzles. Powering and cooling the processing units is extremely energy intensive. This cryptocurrency mining company will use Capstone Green Energy’s Energy-as-a-Service to generate more efficient and cleaner electricity to power its remote data center operations. Capstone Green Energy’s Energy-as-a-Service includes a low emission and quiet microturbine providing data center quality power, unit maintenance and 24/7 system monitoring at a fixed price for the length of the contract.
The customer, which mines large volumes of cryptocurrency, approached E-Finity wanting to take advantage of existing on-site production waste gas that would otherwise go unused. Because Capstone microturbines are designed to offer fuel flexibility, the system will use the waste gas, a benefit that not only reduces emissions but also offers operational savings. The Capstone microturbines generate electricity that is already substantially lower in emissions and cost from most grid power. Using energy that would otherwise be wasted brings even greater environmental and economic benefits to the project. Further, the added reliability and low maintenance requirements of microturbine-based systems make them ideal for remote locations, which can be hard to reach and often deal with challenging climate conditions.
“This new cryptocurrency mining customer has a proven track record of utilizing off-grid, stranded natural gas resources to generate low-cost energy to fuel their mining operations. Using Capstone's Energy-as-a-Service should allow them to achieve CO2 reduction goals while providing exceptional uptime by utilizing highly reliable, low emission natural gas-fueled microturbines,” said
Capstone is seeing new growth as the cryptocurrency mining industry, and other growing energy intensive industries, take progressive steps that will allow them to lower their environmental impact, maintenance costs and time spent managing their energy supply, while also increasing power reliability.
“Our track record of successful operations in remote oil and gas locations across the Mid-Atlantic and the data center quality power generated by the microturbine-based systems was key to our customer’s decision to deploy the three megawatt Capstone systems,” said
About
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
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