Capstone Signs 9-Year FPP Service Contract on New C1000S Trigeneration Installation at Historic 100-Year-Old Washington, D.C. Area University
VAN NUYS, CA / ACCESSWIRE / January 16, 2020 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that E-Finity Distributed Generation, Capstone's exclusive distributor for the Mid-Atlantic and Southeastern United States and the Caribbean, signed a 9-year Factory Protection Plan (FPP) long-term service contract covering a C1000S ICHP (Integrated Combined Heat and Power) trigeneration solution installed at a 100+ year old university in Washington D.C.
The Capstone C1000S with Capstone integrated heat recovery modules was originally shipped in February 2019 and was commissioned in December 2019. The Capstone solution is used for 24x7 electrical and thermal generation and is configured as Dual Mode (i.e., capable of providing back-up power to critical loads in the event of a grid outage). The university also installed two 100-ton absorption chillers that enables them to simultaneously produce electricity, heat and cooling thermal energy, making it an extraordinary trigeneration solution.
Capstone C1000S Microturbine with Integrated Capstone Heat Recovery Modules
The university selected the Capstone C1000S ICHP factory-integrated power package primarily due to its clean energy initiatives and energy resiliency requirements. The 9-year FPP provides complete service coverage, including scheduled and unscheduled maintenance, and also includes E-Finity's advanced remote monitoring system.
"This contract award with Capstone's own integrated heat recovery modules is the direct result of investments in new product development made several years ago and is intended to open up new markets, reduce project installation costs and reduce the overall energy equipment footprint," said Jen Derstine, Capstone's Vice President of Marketing and Distribution.
"I am very pleased with the continued adoption of Capstone's integrated factory heat recovery modules and the continued growth of our FPP long-term service contract business as both programs are an important part of Capstone's near-term profitability strategy," stated Darren Jamison, Capstone's President and Chief Executive Officer.
"These types of microturbine solutions with integrated Capstone-supplied accessories, coupled with a long-term service agreement, are expected to benefit both Capstone and the end-use customer jointly, making it truly a long-term win-win partnership, which is the foundation of our energy as a service business model," concluded Mr. Jamison.
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, providing scalable systems focusing on 30 kWs to 10 MWs that operate on a variety of gaseous or liquid fuels and are the ideal solution for today's distributed power generation needs. To date, Capstone has shipped over 9,000 units to 73 countries and have saved customers an estimated $253 million in annual energy costs and 350,000 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.
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Released January 16, 2020