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Capstone Bags Four New Long-Term Clean Energy Microturbine Rental Agreements

Benzinga Real-time News · Oct 11, 2021 12:44

Capstone Green Energy Corp (NASDAQ:CGRN) has entered into four new long-term rental contracts with four new end-use customers in the hospitality and industrial grow house markets. Financial terms were not disclosed.
The four contracts represent 3.2 MW of clean energy systems. The company plans to expand its current long-term rental fleet from 13.1 MW to 17.1 MW by December 31, 2021.
Capstone Green Energy had targeted to increase the new long-term rental fleet to 21.1 MW by the end of its current fiscal year, March 31, 2022.
"Capstone Green Energy continues to expand its Energy as a Service (EaaS) business, including its long-term rental program, which is an important element in achieving our near term profitability goals as rentals generate higher contribution margin rates than traditional product sales," said CEO Darren Jamison.
Price Action: CGRN shares are trading higher by 7.36% at $5.26 on the last check Monday.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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