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Capstone Turbine Corporation (NASDAQ:CPST) announced the expansion of its Energy as a Service (EaaS) model with two new long-term microturbine rental contracts, increasing its rental fleet from 8.6 MW to 10.6 MW by March 31, 2021. The contracts include a one-year rental agreement for a C600S unit at a major Texas oil and gas producer and a C1000S unit for a new agricultural operation in California. Capstone aims for significant growth, targeting 14.85 MW by June 2021 and 21.1 MW by March 2022, while focusing on profitability and carbon reduction initiatives.
Capstone Turbine Corporation (NASDAQ:CPST) announced a follow-on order from India's Oil and Natural Gas Corporation (ONGC) for one C200 Signature Series and two C65 microturbines. This order aims to power a remote gathering station in western India and reduce flare gas emissions, benefiting both operational costs and the environment. Scheduled for commissioning in May 2021, the deployment of Capstone's microturbines represents a step forward in the South Asian oil and gas market, showcasing the company's commitment to clean energy solutions and sustainability.
Capstone Turbine Corporation (NASDAQ:CPST) reported that its microturbine systems generated 30 MW of reliable power during a historic winter storm in Texas. Amid rolling blackouts affecting millions, these systems provided uninterrupted energy for various sectors, including oil, hospitals, and data centers. Capstone's technology proved resilient, operating without disruptions while other clean energy systems faltered. This event underscores the importance of distributed generation technologies for ensuring energy stability during extreme weather.
Capstone Turbine Corporation (CPST) has announced a $5 million financial settlement obtained through a multi-year arbitration with a former strategic parts supplier. This resolution allows Capstone to refocus on its core business and enhance the reliability and performance of its C200/C1000 products. The settlement is expected to support the company's goal of achieving positive adjusted EBITDA by lowering warranty costs and improving service margins through its Factory Protection Plan. Capstone continues to provide efficient microturbine energy systems to various global markets.
Capstone Turbine Corporation (NASDAQ: CPST) announced sponsorship of six races with Andretti Steinbrenner Autosport's No. 29 Honda, driven by James Hinchcliffe, in the 2021 NTT INDYCAR SERIES season. This partnership aims to enhance Capstone's green energy brand awareness and expand business relationships. Capstone's microturbines focus on efficient, low-emission energy solutions. The collaboration, which has grown since 2019, aims to educate fans about alternative energy sources and leverage racing's visibility to promote sustainability.
Capstone Turbine Corporation (NASDAQ:CPST) reported strong financial results for Q3 ending December 31, 2020, with revenues of $20.7 million, representing a 39% increase sequentially and a 19% year-over-year growth. New gross product bookings reached $10.5 million, up 7% sequentially and 91% compared to Q1. Cash reserves increased significantly to $32.0 million from $16.8 million. Despite these gains, net loss rose to $7.6 million, primarily due to debt extinguishment losses. Adjusted EBITDA improved by 52% to negative $1.3 million.
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.
Capstone Turbine Corporation (NASDAQ:CPST) has received an order for eight dual-mode C65 microturbines from Optimal Group Australia, its exclusive distributor in Australia. The microturbines will provide prime power generation for a natural gas compressor station in Western Australia, expected to be operational by June 2021. This project underlines Optimal's expansion in the energy sector and the growing demand for Capstone’s reliable, low-emission technology. The deployment is projected to reduce operating costs and enhance power reliability for the customer.
Capstone Turbine Corporation (NASDAQ: CPST) announced an order for a 600 kW Signature Series microturbine from a real estate firm for a residential complex in Queens, New York. The installation, expected to be operational by summer 2021, will utilize combined cooling, heat, and power (CCHP) technology to enhance energy efficiency and reduce greenhouse gas emissions. This project aligns with New York's climate goals under the recent Climate Leadership and Community Protection Act, which mandates significant renewable energy adoption. The microturbine will ensure energy resilience during grid outages.
Capstone Turbine Corporation (NASDAQ:CPST) announced its participation in the NobleCon17 Investor Conference on January 19, 2021. CEO Darren Jamison will present an overview of the company and its recent financial successes at 12:00 pm ET, with a high-definition replay available the following day. Additionally, Jamison will participate in a panel on January 20, 2021, discussing the transition to a greener energy environment at 5:15 pm ET. Capstone is recognized for its clean technology microturbine energy systems, having saved customers $219 million in energy costs in FY20.
