Capstone Turbine (NASDAQ:CPST) Renewable Energy Success Continues with Biogas Order for New York Water Facility
The Scalable Renewable Energy Project Will Reduce Carbon Emissions While Simultaneously Providing Clean and Reliable Heat and Power.
VAN NUYS, CA / ACCESSWIRE / May 6, 2020 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that it received an order for a three-bay, 400 kilowatt, C400 Signature Series (C400S) microturbine based energy system to modernize a Water Pollution Facility (WPF) in upstate New York. The microturbine will be utilized in a combined heat and power (CHP) application and will run on biogas, or "green waste," produced on-site from municipal solid waste.
A recent study by the EIA found that renewables will be the fastest-growing source of electricity generation through 2050 because of continuing declines in capital costs and the introduction of higher state-level renewable energy targets. The renewable energy sector is poised to enter a new growth phase as utilities and regulators plan to replace retiring capacity, and customers increasingly choose renewable sources to save costs and address climate change concerns.
"The biogas market continues to expand globally as countries endeavor to reduce their dependence on fossil fuel sources for power generation," said Darren Jamison, Capstone Turbine President and Chief Executive Officer. "Reduced dependence on fossil fuels, along with the introduction of innovative financial instruments, and government incentives are driving an increased shift to sustainable biogas to energy projects," added Mr. Jamison.
GEM Energy, (www.gemenergycapstone.com), Capstone's historical distribution partner in Ohio, Michigan and upstate New York, secured the order for the biogas-fueled C400S microturbine, which is expected to be commissioned by the summer of 2021.
Starting in 2018, the New York WPF worked with GEM Energy, to develop a solution to modernize their aging water treatment facility with the goal of generating on-site power to meet the demands of a population that had outgrown the facility's capacity.
The new microturbine CHP plant will incorporate new digesters, advanced gas treatment, and heat exchangers for heating the digesters. The biogas-powered microturbine system will generate electricity for the facility with recovered heat being utilized to sustain the digester process. The three-bay enclosure will provide a long-term scalable solution that allows for an additional 200 kilowatt expansion to support increasing future site loads.
"GEM Energy continues to see significant demand in the wastewater treatment industry to generate clean, efficient power utilizing renewable biogas. We look forward to helping the city reduce emissions while providing reliable heat and electricity for critical plant operations," stated Nick Hammond, Director of Distributed Generation at GEM Energy. "The custom C400S was designed to leverage the versatility and reliability of Capstone microturbines to meet the needs of the city's current digester project with additional capacity for future expansion," concluded Mr. Hammond.
Wastewater treatment plants are excellent candidates for microturbine-based CHP. The most common renewables projects make use of digester methane to generate electric power or combined heat and power. These installations can bring fast payback from utility power and natural gas savings by utilizing waste methane, a greenhouse gas many times more potent than carbon dioxide. In addition, excess renewable electricity could be offered for sale to the electric utility.
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 May 6, 2020