Capstone’s Australian Distributor Optimal Group Sells Two C600S Microturbine Systems Pushing its Installed Base Over 40 MW
VAN NUYS, CA / ACCESSWIRE / February 26, 2020 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that Optimal Group Australia (www.optimalgroup.com.au), Capstone's exclusive Australian distributor recently sold another two Capstone C600 Signature Series microturbines, pushing its installed base to 40.1 megawatts (MW) in Australia.
"Capstone microturbines are well suited for industrial combined heat and power applications worldwide," stated Darren Jamison, President and CEO of Capstone Turbine Corporation. "Capstone's business in Australia and Asia is up 9% year-over-year and our CHP business has grown from 40% to 54% of our total revenue compared to this time last year," added Mr. Jamison.
Optimal continues to meet the growing clean and green energy needs of CHP and oil and gas customers across Australia. The project required Optimal to deliver a highly efficient and reliable combined heat and power (CHP) solution to a major international food producer. The project will be installed and commissioned this spring and will serve as a technology demonstration project for the company.
Optimal will also pursue putting both C600S units under a Capstone Factory Protection Plan (FPP), Capstone's innovative and comprehensive maintenance program designed to give financial peace of mind to microturbine customers by providing product life cycle costs at a fixed rate for both scheduled and unscheduled maintenance for the life of the microturbine system. Additionally, the recently updated FPP protects microturbine customers from potentially dramatic future increases in life cycle costs associated with changes in replacement spare parts pricing, commodity price increases, import tariffs, and interest rate changes. The addition of an FPP on both units would add to Optimal's 12 MW already under Capstone long-term FPP coverage.
"Optimal continues to do a nice job developing innovative energy projects, regularly adding new service customers by offering Capstone's industry-leading long-term service contracts on new sales within their growing fleet," said Jeff Foster, Capstone's Senior Vice President of Customer Service and Product Development. "Our highly profitable aftermarket service sector, driven by the recently updated FPP product, is a key element of our positive Adjusted EBITDA plan for the upcoming June quarter and for Capstone's long-term profitability," added Mr. Foster.
"We congratulate Optimal for developing another innovative clean energy solution while simultaneously providing a cleaner and more reliable source of efficient energy to this industry-leading food producer," stated Jen Derstine, Capstone's Vice President of Marketing and Distribution.
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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Released February 26, 2020