Capstone Turbine (NASDAQ:CPST) signs 5-Year Long-Term FPP Service Contract as Asia Pacific Region begins Recovery
Service Agreements for 2 MW Microturbines Running on Propane at a Mineral Water Bottling Plant in the South Pacific
VAN NUYS, CA / ACCESSWIRE / September 10, 2020 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that Optimal Group Australia (www.optimalgroup.com.au), Capstone's exclusive Australian distributor, recently signed a 2 Megawatt (MW) 5-Year Factory Protection Plan (FPP) with a remotely located Oceana-based mineral water bottling facility.
The project uses two stand-alone C1000 Signature Series (C1000S) one-megawatt microturbine systems running on clean-burning propane as a primary baseload power source for a mineral water bottling facility located on a remote off-grid island location. The site will have up to 8 MW's of power demand, and a portion of this demand is currently met with diesel fuel generators running in parallel with the clean and green Capstone microturbines. The site was recently upgraded with a new 50-ton propane tank. This site's commissioning was initially delayed by the COVID-19 pandemic, which first hit in the APAC (Asia Pacific) region, but this project is now moving forward again.
Two stand-alone Capstone C1000 Signature Series one-megawatt microturbine systems running on propane for a remote Oceana-based mineral water bottling facility.
"With this new long-term maintenance contract for this exciting new project, Optimal now has a 14 MW fleet under FPP, with more new contracts in the pipeline," stated Jeff Foster, Capstone's Senior Vice President of Customer Service and Product Development. "Additionally, this puts Optimal firmly in the top-ten of all Capstone distributors globally and the top distributor in the Asia Pacific region," added Mr. Foster.
"This innovative project highlights the value that Capstone's reliably clean and green energy solutions can provide under the most rigorous conditions using a wide range of fuel types," stated Darren Jamison, President and Chief Executive Officer of Capstone Turbine Corporation. "Our redundant architecture enables very high reliability, and our ability to use multiple inexpensive and clean fuels supports global environmental progress in a cost-effective manner for our end customers," concluded Mr. Jamison.
Capstone's innovative Factory Protection Plan, or FPP, is a comprehensive maintenance program designed to give financial peace of mind to Capstone 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) (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 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.
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Released September 10, 2020