Capstone Turbine (NASDAQ:CPST) Expands its Renewable Energy Business with an Innovative Agricultural and Animal Waste Project in Japan
Capstone's First Signature Series Product Sold in Japan will Power the New Biokurasix Handa Power Sustainable Closed-Loop Generation Facility
VAN NUYS, CA / ACCESSWIRE / April 16, 2020 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced its first 800 kilowatt (kW) C800 Signature Series order for a new and innovative biogas project in Japan. The project will utilize organic biomass in the form of agricultural and animal waste to generate clean and efficient energy for the Biokurasix Handa biogas power generation facility.
Kanamoto, Capstone's exclusive distributor in Japan (www.kanamoto.co.jp), secured the order for the biogas-fueled C800 Signature Series microturbine, which is expected to be commissioned in late 2020.
According to a recent study by Global Market Insights, the biogas market is estimated to exceed 110 billion USD globally by 2025 as countries endeavor to reduce their dependence on fossil fuel sources for power generation. Reduced dependence on fossil fuels, along with the introduction of innovative financial instruments, and government incentives, is expected to drive an increased movement toward the deployment of sustainable biogas energy technologies.
"Prior to the Fukushima nuclear accident, power generation in Japan was dominated by nuclear and fossil fuels. However, since Fukushima, Japan has been striving to expand its renewable energy generation capacity to reduce its dependency on fossil fuels," said Darren Jamison, President and Chief Executive Officer of Capstone Turbine Corporation.
"Japan has one of the largest biogas markets globally and the government aims to double generation by 2030. At Capstone Turbine, markets for biogas, wastewater, landfills, and breweries continue to grow and today make up 15% of our total revenue for the nine months ended December 31, 2019, compared to only 8% in the same period last year," added Mr. Jamison.
The New Biokurasix Handa Power Generation Facility Rendering
Located in the city of Handa in Aichi Prefecture, plans for the biogas-powered facility began in early 2016 with the goal of creating a sustainable closed-loop system through resource recovery. Completion of the biogas-powered facility is scheduled for 2021 with a focus on powering the local economy with renewable energy resources and technologies.
As a project of the Biomass Industrial City Initiative, the facility is pursuing several commercialization projects centered on biogas power generation to support a sustainable community. Some of the initiatives include utilizing clean exhaust heat and gas from the Capstone microturbine to power facility processes and selling surplus power back to the grid.
The biogas-fueled 800 kW microturbine will be installed in grid connect mode, which enables the customer to operate with the utility grid in a load sharing capacity. The facility will produce a considerable amount of biogas on a consistent basis by using a digester to process the organic biomass coming from the city of Handa. The microturbine energy system will take this renewable fuel and provide prime power to the facility, ensuring complete management of the waste cycle.
Capstone microturbines are uniquely suited to cleanly and effectively run on biogas from a variety of sources, including landfills, wastewater treatment facilities, food processing facilities, breweries as well as agricultural and animal waste.
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, via our direct sales team, as well as our global distribution network. Capstone provides scalable solutions from 30 kWs to 10 MWs that operate on a variety of fuels and are the ideal solution for today's multi-technology distributed power generation projects.
For customers with limited capital or short-term needs, Capstone offers rental systems, for more information contact: email@example.com. To date, Capstone has shipped nearly 10,000 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 April 16, 2020