Despite Pandemic, Capstone Turbine (NASDAQ:CPST) continues its success in the Cannabis Industry with Follow-On 1MW Order
New Order is Fourth 1 MW Signature Series Sold to the California-Based Grow Operator
VAN NUYS, CA / ACCESSWIRE / May 21, 2020 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that despite the COVID-19 global pandemic, it continues to find success in the cannabis industry with a follow-on order of a fourth 1 megawatt (MW) C1000 Signature Series microturbine for a California-based cannabis grow operator. Cal Microturbine, Capstone's exclusive distributor in California, Washington, Oregon, Hawaii and Nevada (www.calmicroturbine.com), secured the order, which is expected to be commissioned this summer.
"We have undoubtedly seen a slowdown in the hospitality, healthcare, and oil and gas markets as a result of the global COVID-19 pandemic, but we have seen steady business from our cannabis and beer manufacturing customers," said Darren Jamison, President and Chief Executive Officer of Capstone Turbine. "As the U.S. and other countries begin to reopen, we are starting to see industrial manufacturers and municipalities coming back online at a faster pace," added Mr. Jamison.
Cannabis cultivation is an energy-intensive operation, and utilities have struggled to provide adequate and resilient power to support growth. This problem is compounded for facilities in remote areas where infrastructure is not in place to support energy demand for grow operations. Capstone microturbines avoid the vulnerabilities of a traditional electric grid by generating power on-site at the source.
Four ultra-low emission C1000S microturbines will provide 4 MWs of prime power to the self-sustained operation that will encompass growth, production and distribution operations. The microturbines will be installed in a highly-efficient combined cooling, heat and power (CCHP) application that allows the customer to utilize exhaust energy for space conditioning, chilled/hot water, and dehumidification. The stand-alone configuration ensures essential redundancy for seamless power in the event of a utility grid failure.
"Cal Microturbine is seeing a lot of growth in the multi-megawatt market. Capstone's low maintenance and redundant design not only provides the benefits of superior reliability and low operating costs but also avoids the costs and hassle of a full-time on-site power plant operator, which is required by most other technologies of this size," said Ryan Brown, Managing Partner, Cal Microturbine.
After a thorough analysis comparing various distributed generation technologies, operators ultimately chose low-emission Capstone microturbines as the ideal solution for their scalability, resiliency, and ability to reduce energy costs. In addition, Capstone's microturbines can provide on-site energy in a number of weeks as opposed to months or years and at a cost typically lower than the local grid.
"Like many customers, this facility experienced the need for additional power as operations expanded. Capstone's inverter-based generation modules made it easy and cost-effective to add generation capacity on as-needed quickly," said Marc Rouse, Executive Vice President of Sales, Cal Microturbine.
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.
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Released May 21, 2020