Capstone Expands Fast Growing Caribbean Market to 6.65 MWs with New Microturbine for Renowned Rum Distillery in Jamaica
VAN NUYS, CA / ACCESSWIRE / February 3, 2020 / Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that it continues to expand the microturbine market in the Caribbean as it secured an order from a renowned rum distillery in Jamaica.
The new C200S order includes a Capstone supplied integrated roof-mounted heat recovery module (HRM) and a 10-year factory protection plan (FPP). Innovative Energy Company Limited (IEC) (www.ieclja.com), Capstone's exclusive regional distributor for Jamaica, secured the 200 kW project, which is scheduled to be commissioned by March 2020. The C200S order increases Capstone's microturbine fleet in the Caribbean to 6.65 MWs.
The distillery required an efficient and cost-effective energy solution that could provide on-site power and hot water needed for the production process. Rather than rely on the expensive local utility, management selected a low-pressure natural gas-fueled Capstone microturbine deployed in a combined heat and power (CHP) application. The thermal energy from the exhaust of the microturbine is captured and converted into space heating and hot water for the facility. In this configuration, the overall efficiency exceeds 80%, providing a more reliable and economical solution than the local utility.
The Capstone solution will be configured as a dual-mode application and will be capable of providing back-up power to critical loads in the event of a grid outage. In addition, Capstone's all-inclusive 10-year FPP will provide comprehensive service coverage, including engine overhauls, as well as all scheduled and unscheduled maintenance at a fixed cost for the entire 10-year term.
"As consumers become more interested in the origins of their food and drinks, and as corporate and social responsibility policies dominate business discussions, producers of all sizes are exploring how to make their supply chains more sustainable," stated Darren Jamison, Capstone Turbine's President and Chief Executive Officer. "Producers are learning that sustainability is not just in the best interest of the environment, but it's also beneficial for business," added Mr. Jamison.
The adoption of energy-efficient technologies, like Capstone microturbines, has the potential to create a material impact on reducing overall energy consumption and improve competitiveness by directly lowering a business's overhead costs and increasing energy efficiency.
"Over the past couple of years I have met with various end-use customers and potential customers in Jamaica, alongside our regional distributor partner, IEC, and it has been abundantly clear that companies are increasingly turning to alternative technologies for lowering their overall energy costs, as power rates on the island have historically been anywhere from 28-36 cents per kWh, and looking for new and better ways to lower their carbon footprint," 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 in FY19 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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SOURCE: Capstone Turbine Corporation
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Released February 3, 2020