Capstone Green Energy (NASDAQ:CGRN) Receives Large Order to be Installed at Methane Hydrate Plant in Alaska's North Slope
May 03, 2021 at 08:00 AM EDT
The Remote 2MW Combined Heat and Power System is Designed to Help in Advancing Research and Development in Promising New Energy Source
VAN NUYS, CA / ACCESSWIRE / May 3, 2021 / Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) formerly Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST) ("Capstone" or the "Company"), a global partner in carbon reduction and on-site resilient green energy solutions, announced today that it received an order for two of its C1000 Signature Series (C1000S) microturbine systems for an application at a Methane Hydrate Project Surface Facility in Alaska's North Slope near Prudhoe Bay. Arctic Energy, Inc., Capstone's exclusive distributor for Alaska (www.arcticenergyalaska.com), secured the order in partnership with ASRC Energy Services Alaska, Inc., the designing engineers for the project facility. The new system is expected to be commissioned in May 2022.
Methane hydrate (also known as gas hydrate) is a relatively new energy source found in permafrost and some undersea regions. It has gained attention in recent years as governments and oil and gas companies have started exploring its potential. At the Alaskan processing facility, the new combined heat and power (CHP) system, fueled by natural gas from an existing on-site pipeline, will provide power for the methane hydrate separation process. It will also be configured with Capstone Green Energy heat recovery modules (HRMs) attached to each of the microturbines in order to provide heat for the facility.
As the first of its kind for Capstone Green Energy, the CHP system features a unique design to provide heat for the methane hydrate separation process as well as provide low emission, highly reliable power. The Capstone solution was also selected for its high N+1 redundancy, low maintenance needs, and long maintenance intervals (~20,000 hours), all essential needs for a facility located in one of the harshest and most remote environments on earth.
"Throughout its history, Capstone Green Energy has dedicated its efforts to providing cleaner and smarter on-site resilient energy solutions," said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. "With this new order, we expect to provide critical support to a research and development project that aims to advance new technologies in order to expand the world's energy portfolio in important ways," added Mr. Jamison.
"The Capstone C1000S series continues to grow as the 21st century solution to so many oil and gas industry needs," said Greg Porter, President and Chief Executive Officer of Arctic Energy. "The remote operation capabilities, low cost of ownership, low emissions, and no fluids to remediate from sensitive land are one hundred percent aligned with the oil and gas industry's more stringent procedures. As operations crews become smaller and more specialized, the Capstone product allows for a smaller and more focused support staff. Making fossil fuel recovery and exploration even cleaner and more environmentally responsible is what the Capstone microturbines do," concluded Mr. Porter.
About Capstone Green Energy
Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are driven by the Company's industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company's microturbine energy systems.
For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company's growth strategy and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company's indebtedness; the Company's ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company's ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.
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