Capstone Turbine (NASDAQ:CPST) New Direct Sales Organization Secures a Six Unit Order from a California Based Industrial Manufacturer
Latest Direct Order Marks the Third Win and Combined Total Orders of Approximately $2.5 Million for The Newly Developed Capstone Direct Sales Organization
VAN NUYS, CA / ACCESSWIRE / April 7, 2020 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced its third direct sales order, consisting of six C65 microturbines from an industrial manufacturer of sorbent minerals in California. The order was secured in the last quarter by the new Capstone Direct Sales organization led by Jim Crouse, Capstone Turbine's Chief Revenue Officer. The order brings the current direct sales results to approximately $2.5 million, or 27% of last quarter's $9.1 million in gross new product orders.
Capstone Launched a New Direct Sales Organization on January 3, 2020
The project will be supported by Cal Microturbine, Capstone's exclusive distributor in California, Washington, Oregon, Idaho, Hawaii, and Nevada (www.calmicroturbine.com) and will include a 10-year Factory Protection Plan (FPP) service agreement.
On January 3, 2020, Capstone apportioned its sales and marketing team into two separate organizations. One stand-alone organization remaining focused on developing and managing the existing worldwide distribution channel and a second stand-alone organization focused on growing Capstone's national account business and long-term rental fleet.
"With these new strategic organizational changes, we aim to drive improved year-over-year product revenue growth and build closer corporate ties to large, multinational customers to drive incremental direct sales opportunities and increased product revenue growth," said Darren Jamison, Capstone Turbine President and Chief Executive Officer.
The microturbines will be installed in a direct exhaust combined heat and power (CHP) application at the customer's manufacturing and packaging facility in California's central valley. The systems will use clean-burning natural gas to provide power and thermal energy for the manufacturing process. The microturbine exhaust will go directly into a fluidized bed mineral dryer to reduce the amount of natural gas needed in the burner of the dryer. By utilizing the exhaust energy in the drying process, the microturbines will allow the manufacturer to reduce energy costs, improve plant efficiency, and reduce on-site emissions.
The flexibility of Capstone microturbines allows for easy integration into the drying process, while the operational flexibility of the microturbine allows the system to work seamlessly with other distributed generation technologies. The project developer, Brightwave Energy, included solar photovoltaic (PV) and battery storage technologies, as well as a number of energy efficiency projects as part of the overall facility upgrade.
"The Capstone microturbine installation is a key part of the portfolio of technologies that we are integrating for the site," said Paul Hullar, Brightwave Energy's President. "Brightwave's Program approach allows for a far greater reduction in energy costs than a traditional project approach," concluded Mr. Hullar.
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.
"Capstone" and "Capstone Microturbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
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Released April 7, 2020