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Capstone Green Energy to Provide Resilient Power System for New Cancer Research & Manufacturing Plant in Maryland
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Rhea-AI Summary
Capstone Green Energy Corporation (NASDAQ: CGRN) has secured a one megawatt (MW) order for a C1000S system from TCR2 Therapeutics. This order highlights the growth of the low-emission microturbine market, with the project supporting TCR2's new cell therapy manufacturing facility in Rockville, Maryland. The system will provide reliable power, including emergency backup during outages, and has qualified for financial support, reducing costs and payback duration. The commissioning is scheduled for January 2023, showcasing Capstone's commitment to energy efficiency and sustainability.
Positive
Secured a one MW order for C1000S system, expanding the low-emission microturbine market.
Project supports TCR2 Therapeutics' new cell therapy manufacturing facility, enhancing business validation.
System qualifies for grants from PEPCO and Maryland Energy Administration, reducing capital expenditures.
Commissioning of the project is scheduled for January 2023, indicating timely execution.
Negative
None.
Eco-Friendly, Energy Efficient System Will Provide Prime and Emergency Backup Power
VAN NUYS, Calif.--(BUSINESS WIRE)--
Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green Energy-as-a-Service (EaaS) solutions, announced today that its exclusive distributor for the Mid-Atlantic, Southeastern U.S. and the Caribbean, E-Finity Distributed Generation, won an order for a C1000S system from TCR2 Therapeutics, a biomedical research and development company providing novel T-cell therapies for the treatment of various cancers.
The one megawatt (MW) order demonstrates the continued expansion of the low emission microturbine market in the commercial, industrial, and manufacturing space. The facility is expected to be commissioned in January 2023.
The energy project is part of the Massachusetts-based company's plans to establish an 85,000 square-foot cell therapy manufacturing facility in Rockville, Maryland. The new Combined Cooling Heat and Power (CCHP) system, fueled by natural gas, will feature a C1000S natural gas-fueled dual-mode system configured with multiple 200 kilowatt (kW) microturbines; Capstone integrated HRMs; and an E-Finity m-TIM Controller with comprehensive remote monitoring ERMS. The ERMS will monitor and control a 300-ton absorption chiller and all five HRMs to help ensure peak performance and system output. In the event of a utility outage, the system will immediately provide emergency backup power for critical loads on site.
This is the first facility of its type for TCR2, and the first energy system application of its kind in the United States. Some key reasons the company selected the Capstone Green Energy system include the degree of power reliability inherent with the multiple 200 kW units, the technology's extremely low emissions, high efficiency, and low noise levels. The system also qualified for financial support from PEPCO and Maryland Energy Administration CHP grants, which will reduce the company's capital expenditures and shorten the project payback period.
"Reliability is critical for this project," said Tom McGeehan, Vice President of Sales for E-Finity. "Any disruption to power can cost lives. Having the redundancy of the five 200 kW modular turbines that can operate independently of each other and in parallel are key. It is important that if one turbine is shut down for maintenance, the other four will continue to provide power."
"It is very gratifying to partner with E-Finity to build and operate a trigeneration system such as this one for TCR2 Therapeutics – a solution that will provide them with essential, reliable, environmentally-friendly, cost-effective power in support of their inspirational and life-saving work," said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. "Mission-critical applications like these are Capstone's specialty by giving company's peace of mind and the kind of energy independence that helps further the growth of their business."
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 $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.
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.
