Capstone Green Energy Bags 3.4 MW Renewable Energy Contract In California
Capstone Green Energy Corporation (Nasdaq: CGRN) shared today a renewable energy project secured by its distributor, Cal Microturbine. The contract seeks to provide a 3.4 MW microturbine-based system for an unnamed customer in California.
No financial details have been shared but the firm said the system will consist of three Capstone Green Energy C1000S Signature Series microturbines and one C400S Signature Series microturbine, and are expected to use 100% renewable fuel.
“This order is indicative of the shift we are seeing to more renewable fueled energy projects in recent years,” said Capstone VP of Marketing and Distribution Jen Derstine. “In fiscal 2019, renewables made up 7% of our overall business and in fiscal 2021 they made up 13% of our business.”
The company also said that the customer “initially considered leveraging reciprocating engines” but eventually went with Capstone’s microturbines “for low emissions and low life cycle costs.”
Capstone Green Energy last traded at $3.28 on the Nasdaq.
Information for this briefing was found via the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.