Capstone Green Energy Corporation (NASDAQ: CGRN), announced that
Arctic Energy, Capstone’s authorized distributor in Alaska, has
received new orders from two leading oil and gas operators. The
first order is for a C600S microturbine to power a major oil and
gas production site in the North Slope of Alaska. The second order
is for two C65 offshore microturbines for use on offshore platforms
in Alaska’s Cook inlet. The C600S order is scheduled to be
commissioned in the summer of 2023, while the C65s will be
commissioned in the fall.
“Oil and gas industry participants continue to see the value of
Capstone Green Energy microturbine technology. Fuel flexibility,
superior engineering, and a lower emissions profile make Capstone
turbines a compelling choice for these discerning customers. In
addition, the low maintenance requirements of the Capstone
generation systems are ideal for often remote and harsh locations
where these customers need power,” said Darren Jamison, President
and Chief Executive Officer of Capstone Green Energy.
Fueled by wellhead natural gas extracted directly from the
pipeline, the C600S microturbine will provide primary electrical
power to the site’s production facility, operating center, seawater
treatment plant, and pipelines. The microturbines will be deployed
as part of the initial phase of the development project with the
potential for future orders. Once developed, the oilfield is
expected to significantly boost oil flow in the trans-Alaska
pipeline, which has fallen about 75% from its peak in the late
1980s.
The customer, a leading global oil and gas producer, selected
Capstone microturbine-based systems because of their demonstrated
ability to lower operating costs while also requiring significantly
less maintenance. Capstone’s innovative microturbine technology was
selected for the project over other traditional generator
manufacturers based on its proven ability to deliver reliable,
clean power in the field and superior product engineering.
The two C65 offshore systems will be deployed at unmanned oil
and gas platforms for one of the country's premier independent
exploration and production companies. This order adds to a growing
global fleet of offshore microturbines.
These orders underscore Capstone's low-emission, durable, and
highly efficient microturbines as the preferred choice for
around-the-clock production and optimized site performance.
Capstone's low maintenance requirements ensure a higher
availability than many of its competitors and reduce operational
costs over the 20-year life cycle of the product.
“As oil and gas production in Alaska sees new heights,
Capstone’s technology is an integral part of an environmentally
conscious plan for resource development,” said Greg Porter,
President of Arctic Energy. “These units will boost production and
flow of clean-burning, abundant natural gas from one of the world’s
largest natural gas fields,” added Porter.
Capstone microturbines can be used in all phases of oil and gas
production, including upstream, midstream, and downstream
operations in both onshore and offshore applications. Since many of
these operations are situated in remote locations, Capstone
microturbines align perfectly with the needs of oil and gas
businesses to ensure they are successful in bringing natural gas to
market.
About Capstone Green Energy
Capstone Green Energy (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
Generation Technologies (EGT) 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 Solutions (ESS) business line designs and installs
microgrid storage systems creating customized solutions using a
combination of battery technologies and monitoring software.
Through Hydrogen & Sustainable Products (H2S), Capstone Green
Energy offers customers a variety of hydrogen products, including
the Company's microturbine energy systems.
To date, Capstone has shipped over 10,000 units to 83 countries
and estimates that in FY22, it saved customers over $213 million in
annual energy costs and approximately 388,000 tons of carbon. Total
savings over the last four years are estimated to be approximately
$911 million in energy savings and approximately 1,503,100 tons of
carbon savings.
For customers with limited capital or short-term needs, Capstone
offers rental systems; for more information, contact:
rentals@CGRNenergy.com.
For more information about the Company, please visit
www.CapstoneGreenEnergy.com. Follow Capstone Green Energy 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 growth expectations 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 integration of the new chief financial
officer into our management team and his success in developing and
executing financial strategies; 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
departures and other changes in management and other key employees.
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.
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Capstone Green Energy Investor and investment media inquiries:
818-407-3628 ir@CGRNenergy.com
Capstone Green Energy (NASDAQ:CGRN)
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