Capstone Turbine (NASDAQ:CPST) Continues Success in European Cogeneration Market With Orders for Nine C65 Microturbines
Recent Win Marks the 32nd C65 Microturbine Order for Germany in the Last Six Months
VAN NUYS, CA / ACCESSWIRE / October 29, 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 achieving success in the European cogeneration market with an order for nine C65 microturbines for a global manufacturer of retail and industrial batteries and an automotive paint supplier. E-quad Power Systems, Capstone's exclusive distributor in Germany and Luxembourg (www.microturbine.de), secured the orders, which are expected to be commissioned in early 2021.
"It's great to continue to get significant product orders despite the recent surge in COVID-19 cases globally, on top of our recent preliminary financial results indicating that Capstone generated positive cash from operations in the most recent quarter," said Darren Jamison, President and Chief Executive Officer of Capstone Turbine. "These thirty-two orders in the last six months have propelled E-quad to become our third largest distributor over the last twelve months," added Mr. Jamison.
Destined for a manufacturing facility in Ellwangen, Germany, the first order for eight C65 microturbines will be installed at a battery power manufacturing plant specializing in a wide range of consumer and industrial products and applications automotive, medical, and electrochemical storage. Together, the microturbine array will be installed in a highly-efficient combined cooling, heat and power (CCHP) application that not only provides 520 kilowatts (kW) of electricity, but also allows for the utilization of exhaust energy to be captured for heating and cooling.
The second order for a C65 microturbine will be installed at an industrial paint manufacturing plant located in Velbert, Germany. The high-pressure natural gas-fueled microturbine will be used to reduce energy costs and help lower plant CO2 emissions. The microturbine-based CHP system is expected to maximize overall energy efficiency and provide significant energy savings to the customer.
Capstone Turbine's innovative technology and modular design allows for redundancy enabling the microturbine site to operate continuously, even during maintenance times. Because each unit has only one moving part, maintenance costs are dramatically lower than traditional power systems.
"E-quad is very happy to have successfully partnered with a global player in the battery market and a premier industrial paint supplier. Within the last six months, we have sold an impressive amount of Capstone microturbine systems, including thirty-two C65 systems and one C400S for the growing cogeneration market in Germany," said Marcus Mehlkopf, Managing Partner of E-quad Power Systems.
Cogeneration can bring many benefits for building a net-zero carbon society and is a key enabler in achieving the European Union's goal of reaching carbon neutrality by 2050. A recent study by Artelys found that there is a cost-effective potential for cogeneration in the EU as a flexible solution within a highly electrified, highly renewable, and low demand net-zero emissions energy system. According to this study, optimizing cogeneration, as part of integrated energy systems could lead to an energy system cost reduction of €4.1-€8.2 billion and has the potential to reduce CO2 emissions by 4-5 MtCO2 annually.
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: firstname.lastname@example.org. To date, Capstone has shipped nearly 10,000 units to 83 countries and in FY20, saved customers an estimated $219 million in annual energy costs and 368,000 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:
SOURCE: Capstone Turbine Corporation
View source version on accesswire.com:
Released October 29, 2020