Capstone's Distribution Partner Supernova, Lands 1.0 MW 10-Year Service Contract as Total Colombian Microturbine Fleet Achieves 1,000,000 Operating Hours
VAN NUYS, CA / ACCESSWIRE / September 30, 2019 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that Supernova, Capstone's exclusive distributor for Colombia and Venezuela, sold a new 1.0 megawatt (MW) 10-year Capstone Factory Protection Plan (FPP) while concurrently reporting that their Capstone microturbine fleet has exceeded 1,000,000 successful hours of operation in Colombia.
There are currently 8.2 MWs of Capstone microturbines installed and successfully operating in various applications throughout Colombia with another 5.2 MWs moving through the installation and commissioning process. According to Supernova's records, the Capstone microturbines have achieved this milestone of 1,000,000 operating hours with an impressive system availability of approximately 98.5%.
"Since becoming Capstone's distributor in Colombia, Supernova continues to effectively convert customers over to our comprehensive FPP program," said Jeff Foster, Capstone's Senior Vice President of Customer Service and Product Development. "The continued growth of our FPP service contract business helps to build up our recurring aftermarket service revenue, which continues to set records and is key to our near-term profitability plans," added Mr. Foster.
The innovative Capstone FPP enables customers to have predictable and stable maintenance costs for up to twenty years and protects customers from future cost increases associated with changes in replacement spare parts pricing, commodity price increases, import tariffs and interest rate changes.
"Supernova has done an excellent job opening up and growing the Colombian market for Capstone," said Jim Crouse, Capstone's Executive Vice President of Sales and Marketing. "Performance like this further shows the value that Capstone can provide and supports further growth in this market and other parts of Latin America moving forward," added Mr. Crouse.
"Energy resiliency is a key value proposition that Capstone offers our end-use customers and our worldwide availability of the over 9,000 units shipped to date was an estimated 95.6% last year," stated Darren Jamison, Capstone's President and Chief Executive Officer. "The outstanding performance of the Supernova fleet over an extended period of operation further shows the value created by the global Capstone distribution enterprise," concluded Mr. Jamison.
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, providing scalable systems focusing on 30 kWs to 10 MWs that operate on a variety of gaseous or liquid fuels and are the ideal solution for today's distributed power generation needs. To date, Capstone has shipped over 9,000 units to 73 countries and have saved customers an estimated $253 million in annual energy costs and 350,000 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 30, 2019