Capstone Green Energy Secures Two Energy-as-a-Service Contracts Totaling 6 MW for Remote Data Centers Handling Cryptocurrency Mining
Capstone Green Energy Corporation (NASDAQ: CGRN) announced two 36-month Energy-as-a-Service (EaaS) contracts with a cryptocurrency mining company, focusing on reducing environmental impact. The agreement utilizes on-site waste gas for Capstone microturbines, enhancing emissions reduction and operational savings. This move aligns with Capstone's growth strategy, emphasizing higher margins and predictable revenue streams. The company has saved customers approximately
- Secured two 36-month EaaS contracts with a cryptocurrency mining company.
- Utilizes on-site waste gas for energy generation, enhancing sustainability.
- Past savings of approximately $698 million in energy costs for customers.
- Reduced CO2 emissions by an estimated 1,115,100 tons over three years.
- EaaS model provides higher margins and more predictable revenue streams.
- None.
Capstone Is Focused on Growing the EaaS Business Model Because It Provides Higher Margins, More Constant and Predictable Revenue Streams
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 systems 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 than 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.
“As an EaaS provider,
“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 six megawatts of Capstone energy 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
For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow
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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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