Capstone Green Energy Secures Fourth Follow-on Order from a Leading Australian Energy Company as Capstone’s Oil and Gas Business Continues to Grow
Capstone Green Energy Corporation (NASDAQ: CGRN) has announced a substantial order for a C800 Signature Series microturbine from Optimal Group, its distributor for Australia, New Zealand, Fiji, and Papua New Guinea. This marks the fifth order from this customer, with commissioning expected in October 2023. The microturbine will provide power to a remote oil and gas site and support ancillary power for a compressor station. Capstone’s solutions are designed to meet the decarbonization goals of the oil and gas industry, emphasizing reliability, fuel flexibility, and a low carbon profile, crucial for operations in harsh environments.
- Received a follow-on order for a C800 microturbine from Optimal Group for a remote oil and gas site, enhancing market penetration.
- The microturbine's commissioning is expected in October 2023, indicating a timely revenue recognition.
- Capstone's products are aligned with industry-wide decarbonization efforts, appealing to environmentally conscious customers.
- The company has previously saved customers over $213 million in annual energy costs and reduced carbon emissions significantly.
- Reliance on the oil and gas industry may expose the company to sector-specific risks, including fluctuating fossil fuel prices.
- The market environment is influenced by volatile conditions due to global geopolitical events (e.g., Russia's war in Ukraine).
Reliability, Fuel-Flexibility and Lower Carbon Emissions Factored into Purchase Decision
“Capstone microturbines are popular with energy producers for a reason. Our microturbines are known for their reliability and low maintenance requirements, in addition to a low carbon profile, all of which are essential for our customers who operate remote oil and gas sites, often in harsh conditions. In addition, the turbines can run on different types of fuel which can be particularly appealing at drilling sites,” said
“Many of the world’s largest energy companies are posting record 2022 profits, following a year of volatile fossil fuel prices amid Russia’s war in
Capstone microturbines offer flexible, responsive power generation that can easily adjust to fluctuating or seasonal energy demands, reducing fuel usage and maintaining high levels of efficiency. This helps customers meet their environmental goals and be climate-friendly leaders.
“This is the fifth Capstone microturbine order from this customer, having been selected to drive emissions reductions and improve reliability for remote, unmanned locations in some of the harshest regions on the planet. Modular Capstone C1000 series turbines enable each site to be supplied with a uniform package, but tailored to each site’s maximum power demand,” said
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 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
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