Capstone Turbine (NASDAQ:CPST) Secures Order for New Clean Energy Microgrid Redevelopment Project in the Caribbean
Capstone Turbine Corporation (NASDAQ:CPST) has announced an order for four C65 microturbines for the Estate Donoe Redevelopment Project in St. Thomas, U.S. Virgin Islands. This project, expected to be commissioned by September 2021, aims to provide a new public housing community with increased energy efficiency and resilience. The microgrid will include a 1,247-kWh battery system and 584 kW of solar cells to ensure self-sufficient power generation, independent of the grid. Funding for the project is partially sourced from federal disaster recovery funds.
- Secured an order for four C65 microturbines for a significant housing redevelopment project.
- The project enhances energy efficiency and resilience in a disaster-prone area.
- Utilization of federal funding for community development and infrastructure improvement.
- None.
The Order Marks the Third Microgrid Project in the U.S. Virgin Islands
VAN NUYS, CA / ACCESSWIRE / January 28, 2021 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading manufacturer of clean technology microturbine energy systems, announced today that it has received an order for four C65 Capstone microturbines for a leading real estate developer of the Estate Donoe Redevelopment Project in St. Thomas, U.S. Virgin Islands (USVI). E-Finity Distributed Generation (www.e-finity.com), Capstone's exclusive distributor for the Mid-Atlantic, Southeastern United States, and parts of the Caribbean, secured the order, which is expected to be commissioned by September 2021.
"We continue to see the rise of microgrids or decentralized groups of electricity sources and loads that operate connected to the grid and those that operate in standalone or island mode as we see in this project," said Darren Jamison, President and Chief Executive Officer of Capstone Turbine Corporation. "Energy resilient microgrids are an excellent way for customers to reduce their cost of energy, while at the same time reducing their carbon footprint," added Mr. Jamison.
The redevelopment project consists of a new public housing community, offering 84 apartments across 14 buildings on 10.6 acres of land. Funding for the project was provided in part by federal Community Development Block Grant Disaster Recovery funds to support unmet needs in housing, infrastructure, and economic revitalization following hurricane disasters. The housing community redesign features increased energy efficiency, reduced emissions, and improved resiliency while meeting National Green Building Standards (NGBS).
An on-site microgrid will feature four propane-fueled C65 Capstone microturbines, a 1,247-kWh battery energy storage system, and 584 kW of solar photovoltaic cells, which, when paired with E-Finity's mTIM controller, creates the "perfect balance" microgrid solution. The microturbine-powered energy solution will provide
The Eastern Caribbean location of the Virgin Islands makes the area vulnerable to short and long-term physical and economic damage from storms, earthquakes, and hurricanes. These events can subsequently result in grid outages. With the built-in resiliency of Capstone's microturbines, customers can benefit from high reliability along with seamless and continuous operation.
"The combination of these technologies creates the ‘perfect balance' microgrid providing ownership with the one of the lowest cost and most reliable source of power available," said Jeff Beiter, Principal of E-Finity Distributed Generation. "Our in-house applications team continues to deliver outstanding systems integration resulting in peak power plant performance," added Mr. Beiter.
Now more than ever, customers recognize the need to reduce the operational risks of grid outages caused by unpredictable weather. Recognizing resilience as a key component to economic infrastructure development, customers are finding E-Finity's microturbine energy solutions to be excellent candidates for on-site power generation in the Caribbean.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST) is the world's leading producer of highly efficient, low-emission, resilient microturbine energy systems. Capstone microturbines serve multiple vertical markets worldwide, including natural resources, energy efficiency, renewable energy, critical power supply, transportation and microgrids. Capstone offers a comprehensive product lineup via our direct sales team, as well as our global distribution network. Capstone provides scalable solutions from 30 kWs to 10 MWs that operate on a variety of fuels and are the ideal solution for today's multi-technology distributed power generation projects.
For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@capstoneturbine.com. To date, Capstone has shipped nearly 10,000 units to 83 countries and in FY20, saved customers an estimated
For more information about the company, please visit www.capstoneturbine.com. Follow Capstone Turbine on Twitter, LinkedIn, Instagram, Facebook and YouTube.
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, beliefs, plans, intentions and strategies of the Company. 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; 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. "Capstone" and "Capstone Microturbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
CONTACT:
Capstone Turbine Corporation
Investor and investment media inquiries:
818-407-3628
ir@capstoneturbine.com
SOURCE: Capstone Turbine Corporation
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FAQ
What is the significance of the order for Capstone Turbine Corporation's C65 microturbines in the U.S. Virgin Islands?
When is the commissioning date for the microgrid project in St. Thomas?
How will the new microgrid project impact energy costs for residents?
What technologies are included in the microgrid for the Estate Donoe Redevelopment Project?
What kind of support was provided for the funding of the redevelopment project?
