Capstone Turbine (NASDAQ:CPST) Secures Two Megawatt Order for Major Redevelopment Project on Walker's Cay in the Bahamas
Capstone Microturbines to Provide 100% of the Island's Power While Achieving Sustainability Goals
VAN NUYS, CA / ACCESSWIRE / May 11, 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 low emission microturbine market in the Caribbean with an order for the Walker's Cay redevelopment project that includes two-megawatt scale C1000 Signature Series (C1000S) microturbine energy systems.
The order, secured by E-Finity Distributed Generation (www.e-finity.com), Capstone's exclusive distributor for the Mid-Atlantic, Southeastern United States, and the Caribbean, is expected to be commissioned in the Fall of 2020.
"The Walker's Cay redevelopment exemplifies what I call the new breed of forward-looking, progressive developers who are finding creative ways to reduce their carbon footprint as well as lowering their annual operating costs - thus making green by being green," said Darren Jamison, Capstone Turbine President and Chief Executive Officer. "This sustainable development will adapt to the growing energy needs of the island over time, reduce the island's carbon footprint and generate reliable electricity at a lower cost than other islands in the region who rely on outdated, dirty technologies and more expensive fuels," added Mr. Jamison.
Walker's Cay Resort Located 53 Miles to the Northeast of West End, Grand Bahama, in the Northern Bahamas.
Two Capstone liquified natural gas (LNG) fueled C1000 Signature Series microturbine energy systems will provide an environmentally friendly and cost-effective alternative to the island's outdated and inefficient diesel reciprocating engine power plant which currently provides power to neighboring islands. By converting the resort's operations from diesel engines to LNG fueled microturbines, the island will benefit from ultra-low emissions, which will dramatically lower the island's carbon footprint.
Nearly destroyed by consecutive hurricanes and abandoned for several years, Walker's Cay, has begun construction on a redevelopment project to restore the northernmost cay to its former glory. Purchased by Texas businessman and philanthropist Carl Allen and his wife Gigi, the one-hundred-acre island resort will include extensive renovations to existing structures and phased construction of over 100,000-square-feet of new buildings that include a newly configured marina basin with mega-yacht slips, villas, restaurants, chapel, bonefish lodge, spa and fitness center, along with many other amenities.
"This is a truly exciting endeavor, the redevelopment of Walker's Cay is a dream come true for our family," said Carl Allen, Chief Executive Officer of Allen Exploration. "Our goal for Walker's Cay was to create a sustainable development that could adapt to the growing needs of the island over time and serve as a beacon for sustainable communities. By incorporating clean-energy technologies like Capstone microturbines, we estimate that we will reduce island CO2 emissions by 20,000 tons per year, the equivalent of removing 4,000 vehicles from the road or planting over 300,000 trees," added Mr. Allen.
The project's construction manager and general contractor, Straticon, based in Stuart, Florida and Allen Exploration officials selected Capstone not only for their oil-free, air lubricated, air-cooled technology but also for their modular design which keeps the system running at high efficiency during partial load conditions. "The multiple turbine configuration will allow the island to stay at peak electrical performance during our construction build-out phase as well as during seasonal occupancy changes," said Dan Moore, President of Straticon Marine Division. "The low decibel noise levels and oil-free operation of the microturbine-powered system dials right into helping the island achieve its sustainability goals," concluded Mr. Moore.
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.
"Capstone" and "Capstone Microturbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
Capstone Turbine Corporation
Investor and investment media inquiries:
Integra Investor Relations
Shawn M. Severson
SOURCE: Capstone Turbine Corporation
View source version on accesswire.com:
Released May 11, 2020