VAN NUYS, CA / ACCESSWIRE / December 10, 2021 / Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) ("Capstone" or the "Company"), a global leader in carbon reduction and on-site resilient green energy as a service (EaaS) solutions, announced today that Horizon Power Systems, the exclusive Capstone distributor for the Rocky Mountains and Western Canada (www.horizonpowersystems.com), signed a 10-year Parts and Labor Factory Protection Plan (FPP) service contract for a C800S (800 kilowatt) Signature Series Capstone energy system installed at a remote gas compression station in Southeast New Mexico.
The remote gas compression station replaced their out-of-date natural gas reciprocating engines with the Capstone Green Energy C800S energy system in order to handle the additional loads associated with the upcoming planned plant expansion while remaining compliant with New Mexico's stringent air quality emissions standards. Commissioned in October 2020, the C800S provides 24x7 prime power to the station's A/C loads with N+1 redundancy and also meets New Mexico's emissions requirements without additional aftertreatment.
Capstone's industry-leading FPP long-term comprehensive service product will provide complete service coverage, parts and labor for both scheduled and unscheduled maintenance for the next 10-years protecting the end-use customer from future cost increases associated with labor, replacement spare parts pricing, commodities, import tariffs, and interest rates.
"Over 90% of Horizon Power Systems service contracts are long-term parts and labor agreements. Long-term parts and labor service agreements provide full coverage protection by locking in the cost of maintenance parts and labor expenses for the term of the contract, which is a value add to the end-use customer. Creating value in partnership and minimizing risk for our Distributors and end-use customers is a key element of our Energy as a Service business model," stated Tracy Chidbachian, Director of Customer Service.
"Meeting the customer's operational needs for a critical power supply in a remote location and doing so in an environmentally responsible manner while providing the customer financial savings through a long-term service contract is key to what Capstone Green Energy brings to the energy market," stated Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. "Continuing to grow our Energy as a Service business which is comprised of long-term FPP contracts, aftermarket service parts, application and engineering services, and long-term system rentals, is critical to our growth and long-term profitability," concluded Mr. Jamison.
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.
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 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.
Capstone Green Energy
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SOURCE: Capstone Green Energy Corporation
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