Cleantech Stock News: Capstone Turbine (NASDAQ: $CPST) Executes 10-Year FPP Service Contract On 1 MW System Installed At Southern California Wastewater Treatment Plant
Capstone's Global Long-Term FPP Service Contract Fleet Expands to 275 MW
VAN NUYS, CA - June 1, 2020 (Investorideas.com Newswire) Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ: CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that Cal Microturbine, the Capstone exclusive distributor for California, Washington, Oregon, Hawaii & Nevada (www.calmicroturbine.com) signed a new Factory Protection Plan (FPP) long-term service contract for a 1 megawatt (MW) Capstone C1000 Signature Series microturbine system installed at a Waste Water Treatment Plant (WWTP) in Southern California.
The 1 MW system has been placed under Capstone's industry-leading Factory Protection Plan long-term service product providing 10-years of comprehensive service coverage, including both scheduled and unscheduled maintenance. The wastewater treatment plant will operate the Capstone microturbines on biosolid-based renewable fuel for 24x7 electrical & thermal generation achieving over 75% overall system efficiency.
According to a recent study by Global Market Insights, the biogas market is estimated to exceed 110 billion USD globally by 2025 as countries endeavor to reduce their dependence on fossil fuel sources for power generation. Reduced dependence on fossil fuels, along with the introduction of innovative financial instruments, and government incentives, is expected to drive an increased movement toward the deployment of sustainable biogas energy technologies.
"With this long-term maintenance contract for this exciting renewable energy market project, Cal Microturbine now has 36-megawatts under Capstone long-term FPP coverage," stated Jeff Foster, Capstone's Senior Vice President of Customer Service and Product Development. "Additionally, this places Cal Microturbine firmly as the number two distributor globally with 13% of Capstone's 275 MW FPP fleet," added Mr. Foster.
"This cutting-edge renewable energy project highlights the strong financial and environmental payback possible using our microturbines with a low carbon renewable fuel source," stated Darren Jamison, President and Chief Executive Officer of Capstone Turbine Corporation. "We expect more customers in the future will benefit from these innovative renewable projects with our low life-cycle cost microturbines serving as the foundation for a win-win, clean and green energy solution," concluded Mr. Jamison.
Capstone's innovative FPP is a comprehensive maintenance program designed to give financial peace of mind to microturbine customers by providing product life cycle costs at a fixed rate for both scheduled and unscheduled maintenance for the life of the microturbine system. Additionally, the recently updated FPP protects microturbine customers from potentially dramatic future increases in life cycle costs associated with changes in replacement spare parts pricing, commodity price increases, import tariffs, and interest rate changes.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (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 73 countries and in FY19, saved customers an estimated $253 million in annual energy costs and 350,000 tons of carbon.
For more information about the company, please visit www.capstoneturbine.com. For information on sales contact: email@example.com or firstname.lastname@example.org. Follow Capstone Turbine on Twitter, LinkedIn, Instagram, and YouTube.
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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