The Capstone Microturbines Have Safeguarded the Company's Power Supply and Significantly Cut Costs
VAN NUYS, CA / ACCESSWIRE / September 17, 2020 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that it has received a follow-on order for two low pressure natural gas-fueled C65 microturbines for a premier manufacturer of industrial plastics in Toronto, Canada. The project was secured by Vergent Power Solutions, Capstone's exclusive distributor in the Upper Midwest, New England, and Eastern Canada (www.vergentpower.com). The order has an estimated commissioning date of November 2020.
'This follow-on order for one of our industrial customers is just the most recent example of a satisfied Capstone user expanding their company's deployment of microturbine technology and becoming a valued repeat customer,' said Justin Rathke, President of Vergent Power Solutions. 'Despite the challenges that 2020 has brought, Vergent Power is proud to announce that the 'summer of C65s' has continued at record levels, with a total of ten projects installed or commissioned in our North American territory since spring of this year,' concluded Mr. Rathke.
The order adds to the customer's existing microturbine fleet that includes four grid-connect C65 microturbines. Today, the electricity generated by the microturbines supports the day-to-day manufacturing production at the plant 24 hours a day, 5 days a week. The addition of the two microturbines will cover 90% of the customer's billable energy demand and further increase their annual energy savings.
As an environmentally thoughtful industry leader, the owners of the plastics manufacturing plant were determined to find an energy solution that provided a competitive advantage while simultaneously lowering operational costs. Before implementing the microturbine solution, the plastics manufacturer purchased power from the local electric utility at some of the highest rates in the province. Since December 2019, the microturbines have safeguarded the company's power supply and significantly cut costs. Notably, this project demonstrates that, even without being utilized for combined heat and power (CHP), microturbines are able to reduce energy costs when operating in a power-only mode in certain areas of the Ontario market.
'Repeat customers are essential to the growth and prosperity of any business as they tend to buy more of your product, provide additional revenue growth with a lower cost of sales, and often are eager to promote your brand to other companies,' said Darren Jamison, Capstone President and Chief Executive Officer. 'Also, the fact that this project has a good ROI without CHP is a significant development in the market,' concluded Mr. Jamison.
Capstone microturbines provide an ideal solution, not only improving the manufacturing process and empowering facility owners to take charge of their power generation but doing so in a forward-looking and environmentally-friendly way.
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: firstname.lastname@example.org. To date, Capstone has shipped nearly 10,000 units to 83 countries and in FY20, saved customers an estimated $219 million in annual energy costs and 368,000 tons of carbon.
This press release contains 'forward-looking statements,' as that term is used in the federal securities laws. Forward-looking statements may be identified by words such as 'expects,' 'believes,' 'objective,' 'intend,' 'targeted,' 'plan' and similar phrases. These forward-looking statements are subject to numerous assumptions, risks and uncertainties described in Capstone's filings with the Securities and Exchange Commission that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
'Capstone' and 'Capstone Microturbine' are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
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