Capstone Green Energy to Provide Two 200 kW Microturbines to Canadian Firm that Supplies Mobile Power to Oil and Gas Sites
Capstone Green Energy (NASDAQ: CGRN) announced an order for two C200S natural gas systems from Horizon Power Systems, its exclusive distributor in the Rocky Mountain States and Western Canada. This order marks a strategic shift as the systems will be rented to oil and gas customers to provide cleaner, reliable power at remote sites. Capstone's microturbine technology, recognized for its low emissions and high efficiency, is crucial for reducing operational costs and environmental impact in the oil sector. The systems are expected to be operational in Q3 2022.
- Secured an order for two C200S systems, enhancing revenue opportunities.
- The technology offers low-emission solutions, aligning with environmental goals.
- Expands market presence in the oil and gas sector through rental systems.
- Dependence on the oil and gas sector poses risks amid industry volatility.
Low-emission, Natural Gas-fueled Solution Supports Customer’s Reliability and Environmental Goals
"With climate change becoming a larger factor in business strategy, the oil and gas industry is looking for cleaner, cost-effective, and reliable power alternatives," said
Committed to leading the industry away from higher emission diesel power, the customer selected Capstone's microturbine technology for its low-emission, high-efficiency performance using clean-burning natural gas as a fuel. Other important factors included the systems' high reliability and low maintenance requirements, particularly in remote, off-grid locations. The microturbines can also be easily integrated into utility power or microgrids where and when needed, given their range of power outputs. Eliminating the need to truck diesel fuel into well sites reduces costs and lowers emissions, while the microturbines' quiet operation makes for a more pleasant environment.
The systems are expected to be operational in the third quarter of 2022. This is the first order Capstone has secured where the customer purchased the microturbine units to rent to its own oil and gas customers. The units will likely be installed at remote well sites and are sufficiently rugged and reliable for use in harsh Canadian weather conditions and environments.
"Our customer is committed to providing clean and reliable mobile power fueled by natural gas rather than environmentally unfriendly diesel," said
About
For over 20 years,
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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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