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Capstone Turbine Diversifies Its Rental Fleet with 1 MW 5-Year Rental

Source: www.gulfoilandgas.com 7/27/2020, Location: North America

Capstone Turbine Corporation, the world's leading clean technology manufacturer of microturbine energy systems, announced that it continues to diversify its long-term microturbine rental business with a C1000 Signature Series (C1000S) microturbine rental contract for a remote manufacturing facility in Colorado.

The 5-year rental is scheduled to begin in September 2020 and was secured by Horizon Power Systems, Capstone's distribution partner in Arizona, Colorado, Idaho, Montana, New Mexico, Oklahoma, Utah, Wyoming, and Western Canada.

"Long-term rentals are a significant opportunity for us and provide reoccurring revenue at high margins," said Darren Jamison, President and Chief Executive Officer at Capstone Turbine. "Long-term rentals and our industry-leading Factory Protection Plan (FPP) long-term service contracts help migrate Capstone towards an energy as a service model, which is a nice fit for our hi-tech microturbine technology," added Mr. Jamison.

Capstone's existing microturbine rental fleet stands at approximately 8 MW, and as part of management's focus to achieve and sustain positive Adjusted EBITDA, this fleet should continue to expand towards the company's initial fleet target of 10 MW.

According to Technavio, the global power rental market size will grow by over $992 million during 2018-2022, which will be driven by the rising demand for uninterrupted power in the next five years. The need for continuous, reliable, and quality power is increasing at a considerable rate.

The Capstone C1000S microturbine system will replace a reciprocating diesel generator and provide 1 megawatt (MW) of prime power for the remote facility. The microturbine will be fueled by clean-burning liquefied natural gas (LNG). The system will be paired with a heat exchanger and be installed in a combined heat and power (CHP) application that will allow the customer to utilize the available exhaust heat to support operations and provide hot water and space heating.

The customer ultimately chose low-emission Capstone microturbines as the ideal solution for their remote facility due to the microturbine's low maintenance, resiliency, and ability to reduce energy costs. Capstone's energy-efficient solution further reduces the operation's environmental footprint while also helping the customer meet sustainability goals.

"The Capstone microturbine solution fits perfectly with the critical needs of this customer's remote operations as they were looking for a scalable solution that can reduce costs and improve efficiency," said Sam Henry, President, Horizon Power Systems. "Our customers demand reliable on-site power, and in partnership with Capstone Turbine, we are able to provide our customers with one of the most reliable on-site power generation solutions available today," concluded Mr. Henry.

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