New Microturbine Gross Product Orders Increase 73% Quarter-Over-Quarter
VAN NUYS, CA / ACCESSWIRE / September 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 secured a 4-megawatt (MW) energy efficiency order for a major casino development on the Las Vegas strip. Cal Microturbine, Capstone's exclusive distributor in California, Hawaii and Nevada, and non-exclusive in Washington and Oregon (www.calmicroturbine.com), secured the order, which is expected to be commissioned in the summer of 2021.
New microturbine gross product orders were approximately $9.5 million for the second quarter of fiscal 2021 ending September 30, 2020, compared to $5.5 million in the first quarter of fiscal 2021 ending June 30, 2020, which represents a 73% improvement in bookings as the business continues to rebound after the devastating impact of the global COVID-19 pandemic.
"The economic recovery started early in the quarter with the European energy efficiency markets, and expanded to the U.S. in mid-September," said Darren Jamison, President and Chief Executive Officer of Capstone Turbine. "This is the largest quarterly new product booking result we have had in a year, which is significant as we move from a recovery phase to a new growth phase fueled by our new direct product and rental sales organization in the second half of this fiscal year and beyond," added Mr. Jamison.
The microturbine array will be installed in an energy efficiency or combined heat and power (CHP) application resulting in increased efficiency, helping the tech-forward integrated resort achieve sustainability and energy efficiency goals. Four high-pressure natural gas-fueled C1000 Signature Series microturbines will provide prime baseload power to the resort and hot water to offset boiler use for the on-site central plant. The grid connect units will also run as a supplement to diesel back-up generators, using clean natural gas to reduce diesel fuel use and extend the diesel fuel tank run time.
The innovative hotel developer selected Capstone microturbines for their exceptional availability, redundancy, and turn-down. The modular 4 MW microturbine design consists of twenty turbine ‘modules' designed to keep the system running at high efficiency during partial load conditions. The design is complemented by a Capstone Logic Controller (CLC) that provides a single control interface for the array and advanced dispatch options, including a clean back-up power supplement.
Many customers are seeing the value in using natural gas CHP as a back-up source, or supplement, to provide an alternative to limited liquid fuel run time, dirty diesel emissions and to reduce the risk of missed fuel deliveries. The 20-module design allows the 4 MW array to achieve maximum CHP efficiency at as low as 5% power, enabling the system to precisely follow facility thermal energy heating needs.
"Cal Microturbine continues to see growth in the multiple MW market. Capstone's modular design provides exceptional reliability, turn-down performance, and operations flexibility," said Marc Rouse, Vice President of Sales for Cal Microturbine. "The addition of the Capstone Logic Controller provides complete automated system control that protects against expensive local utility demand changes," added Mr. Rouse.
Hotels and casinos are ideal candidates for Capstone's innovative microturbine technology. These facilities tend to operate around the clock year-round and often have significant thermal and electric loads that can be met with CHP technologies. Capstone microturbines have the ability to generate low-cost clean and green electricity and thermal energy on-site at the source while generating one-tenth the emissions of an internal combustion engine.
"Cal Microturbine is pleased to significantly increase Capstone's footprint in the West Coast hospitality market with this latest 4 MW energy efficiency order. This resort installation in Nevada will provide a high visibility CHP integrated solution that can help educate local area hotel and resort operators on the operational cost savings that Capstone powered CHP can provide," added Ryan Brown, Managing Partner, Cal Microturbine.
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.
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