15-Year Energy as a Service Project for a Food and Beverage Packaging Producer Adds to Pure World Energy's Existing 2.6 MW Capstone Fleet
VAN NUYS, CA / ACCESSWIRE / July 30, 2020 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that it received an order for a natural gas-fueled 800 kilowatt C800 Signature Series microturbine and C65 ICHP microturbine for a food and beverage packaging producer in the United Kingdom from Pure World Energy Limited (PWE) (www.pureworldenergycom). PWE, Capstone's national account energy service company, or ESCO partner, for the United Kingdom, secured the 15-year energy services agreement with the end-use customer in the manufacturing sector. The project is scheduled to be commissioned in January 2021.
Capstone recently divided its internal sales team into two separate sales organizations. One organization focused solely on developing and managing the existing worldwide distribution channel and one directly responsible for growing Capstone's national account business and long-term rental fleet.
"This new strategic organizational change is aimed at improving year-over-year revenue growth by expanding our current national account and OEM business, as well as building closer corporate ties to large, multinational customers to drive incremental direct sales opportunities," stated Mr. Jamison. "We have set an internal goal of deriving 15% of our annual product sales from this new direct sales organization with hopes that this percentage will increase in each subsequent year," added Mr. Jamison.
Detailed design and permitting of the new on-site power plant is currently underway with construction due to commence in October of this year. PWE will design, build, finance, operate, manage and maintain the new plant on an energy services contract basis, selling electricity and steam to the customer as part of their energy as a service model.
The Capstone microturbines will be deployed in a combined heat and power (CHP) application and will include a biomass steam generation unit in the state-of-the-art energy center. The microturbines will deliver 65% of the on-site electricity, while the steam boilers will provide all of the process steam for the food and beverage packaging facility. The microturbine systems are expected to yield the customer significant benefits and save over £100,000 per year in energy costs.
Already an environmentally-conscious industry leader, the customer partnered with PWE on a microturbine-powered CHP solution to further boost its energy efficiency goals and enable significant carbon footprint reductions and energy savings. CHP enables manufacturers to produce heat and electricity on-site at the source and can deliver a large majority of a plant's electricity and heat requirements. By producing electricity where it is consumed, rather than at a central power plant, there are no transmission losses. On-site power generation can, therefore, be up to 80% efficient.
"Pure World Energy is delighted to sign this 15-year ESCO contract on a CHP project with a company that is dedicated to reducing its carbon footprint," said Sean Fitzpatrick, CEO at Pure World Energy. "Capstone microturbines are central to our smart micro-grid strategy to help our customers achieve their energy efficiency, emissions reductions, and resiliency targets," concluded Mr. Fitzpatrick.
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 protected]. 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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