Capstone Customers Saved an Estimated $194 Million in Energy Expenses while Saving 314,000 Tons of Carbon Last Year
VAN NUYS, Calif., June 21, 2018 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world’s leading clean technology manufacturer of microturbine energy systems, announced today that Capstone end-use customers saved an estimated $194 million in annual energy costs and 314,000 tons of carbon last fiscal year. The carbon savings compare to the annual equivalent carbon reduction from approximately 369,800 acres of forest or removing over 67,000 passenger vehicles from the road for a year.
Capstone’s high efficiency combined heat and power (CHP) end-use customers had the largest energy savings on a per project basis compared to the oil and gas end-users where their primary focus is currently on reliability. The natural resource market vertical, which includes oil and gas, is currently Capstone’s largest in terms of installations on a historical basis. However, Capstone’s new Signature Series product line-up is making significant progress in the CHP market, which is specifically focused on growing the energy efficiency market vertical and continuing to diversify Capstone’s business.
In fiscal 2018, the energy efficiency market vertical accounted for 47% of product revenues, followed by the natural resource at 38% and renewable energy at 9%. The critical power and microgrid market verticals combined for 6% of annual product sales.
“We recently reported our second consecutive quarter of positive adjusted EBITDA and continued to make solid progress on our strategic financial goals. As part of our long-term corporate strategy, we followed that up by outlining our focus on being a strong corporate citizen as we believe financial goals alone are not enough. Specifically, we are building our business on values that include the primary framework of Environmental, Social, and Governance or ESG principals and standards,” said Darren Jamison, President and Chief Executive Officer of Capstone.
“The real driver behind achieving our financial and corporate responsibility goals is how much money our end-use customers are saving each year, while simultaneously having a positive impact on reducing their carbon footprint,” added Mr. Jamison.
“We have built Capstone on the premise that being a green company with a green product is great, but it is only truly sustainable if customers are “making green” or saving money with our products. Therefore, we are thrilled to have helped them save an estimated $194 million with our energy systems last year, and that number will only increase this year as we expect to surpass a cumulative 900 megawatts shipped to date,” added Mr. Jamison.
In calculating the figures above, the company used average nationwide utility grid costs where available, otherwise it assumed 0.15 $/kWh. For off-grid applications, the company assumed diesel cost of $1/liter, LPG cost of $0.44/liter and natural gas cost of $7/Mscf globally.
“We will continue to expand our efforts as a corporation to help our customers both save money and achieve their environmental goals through highly efficient, reliable and clean microturbine energy systems. Our over 9,000 microturbines shipped globally play an important role not only in improving the global ecosystem but are also a key factor in helping our end-use customers remain competitive by providing highly efficient energy systems. Nearly every business today uses energy as part of their operations, and we believe our energy systems can help them achieve both financial and environmental goals. We encourage every consumer of energy that is interested in saving both money and the environment to take a long hard look at joining the growing Capstone family,” concluded Mr. Jamison.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST) is the world's leading producer of low-emission microturbine systems and was the first to market commercially viable microturbine energy products. Capstone has shipped over 9,000 Capstone Microturbine systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone is a member of the U.S. Environmental Protection Agency's Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation's energy infrastructure and reducing emissions of pollutants and greenhouse gases. A DQS-Certified ISO 9001:2015 and ISO 14001:2015 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the United States, Latin America, Europe, Middle East and Asia.
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," "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.
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Released June 21, 2018