Tuesday, August 10, 2021

Flotek Industries (FTK)
Second Quarter Results – Initial Thoughts

Flotek Industries, Inc. creates solutions to reduce the environmental impact of energy on air, water, land and people. Flotek Industries, Inc. is a technology-driven, specialty chemistry and data company that helps customers across industrial, commercial and consumer markets improve their Environmental, Social and Governance performance. Flotek’s Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality cleaning, disinfecting and sanitizing products for commercial, governmental and personal consumer use. Additionally, Flotek empowers the energy industry to maximize the value of their hydrocarbon streams and improve return on invested capital through its real-time data platforms and green chemistry technologies. Flotek serves downstream, midstream and upstream customers, both domestic and international. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit Flotek’s web site at www.flotekind.com.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Revenues were disappointing. Flotek reported revenues of $9.2 million below 2021-1Q revenues of $11.8 million and our forecast of $12.6 million due to the loss of two significant customers. The loss offset a 26% sequential increase in energy chemical tech customers and 58% increase in service customers.


Management offset lower revenues with lower costs.  Operating costs (excl. DDA) were $12.1 million down from 2021-1Q costs of $13.8 million and our estimate of $14.8 million. SG&A costs were $2.9 million versus $4.4 million in the previous quarter, which was also our estimate. By lowering costs, the company was able to report adjusted EBITDA of ($6.7) million roughly in line with previous quarters …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Flotek Announces Second Quarter 2021 Results

 

HOUSTON, Aug. 9, 2021 /PRNewswire/ — Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) today announced second quarter results for the three months ended June 30, 2021.

John W. Gibson, Jr., Chairman, President, and Chief Executive Officer stated, “Two of our most significant customers changed ownership on accelerated timelines in the second quarter, and both buyers suspended our forecasted business immediately following their closings. Excluding these events, customer growth and diversification was strong, with a 26% sequential increase of new customers in our energy chemistry technologies business. Additionally, our Data Analytics segment improved slightly, experiencing the third sequential improvement in sales and representing our highest performing quarter since our acquisition of JP3 last year.” 

“We remain focused on engaging with the industry to demonstrate the strategic benefits of our green chemistry solutions to support their ESG and operational goals. We are encouraged by the increased interest we are seeing in our value proposition; and to further accelerate these efforts, we have structurally realigned to reallocate resources to expand our sales team. This will support our strategy to diversify our customer base and expand our channels-to-market across the energy life cycle. Additionally, we are pleased that we have secured our first international sale for JP3 with a supermajor energy company in Southeast Asia, measuring hydrocarbons in their offshore operations – an exciting new frontier for our technologies.”

“We also continued to improve our liquidity, supported by recent actions. We have completed a lease agreement for our Waller facility with Resolute Oil, converting it into a more marketable, income-generating property. Further, we are pleased we have attained full forgiveness of our JP3 PPP loan. Additionally, we are exploring a number of credit-enhancing options, including an asset-based line of credit.”

Second Quarter Financial Results

• Consolidated Revenues: Flotek generated second quarter 2021 consolidated revenue of $9.2 million, up 3.4% from $8.9 million in the second quarter 2020, and was down 22.0% versus $11.8 million in the first quarter 2021. The sequential decline in sales was driven by the loss of revenue associated with two major energy customers through M&A activity. The year-over-year increase in revenue was driven by the acquisition of JP3 in May 2020.
• Consolidated Operating Expenses: Consolidated operating expenses (excluding depreciation and amortization) were $12.1 million in the second quarter 2021, a 12.3% decline from $13.8 million in the first quarter 2021 driven by a continued reduction in costs of sales, as well as lowering operating expenses. Year over year, consolidated operating expenses (excluding depreciation and amortization) rose 4.1% and were flat as a percentage of revenue.
• Corporate General & Administrative Expenses (CG&A): Corporate general and administrative expenses for the second quarter of 2021 were $2.9 million, compared to $5.4 million for the second quarter of 2020 and $4.4 million for the first quarter of 2021. The declines were primarily driven by lower personnel costs and the Employee Retention Credit (“ERC”) recorded in the second quarter.
• Adjusted EBITDA:  Adjusted EBITDA for the second quarter 2021 was a loss of $6.7 million, slightly higher than the $6.5 million loss in the first quarter of 2021 and flat with the loss of $6.7 million last year. 
• Net Loss: The Company reported a net loss for the second quarter 2021 of $6.5 million, or a loss of $0.09 per basic/diluted share, an improvement over the net loss in the second quarter 2020 of $9.6 million, or a loss of $0.14 per basic/diluted share. Net loss for the second quarter 2021 improved compared to the net loss for the first quarter of 2021 of $8.3 million, or a loss of $0.12 per basic/diluted share.

Balance Sheet and Liquidity
As of June 30, 2021, the Company had cash and equivalents of $27.8 million which were impacted by operating losses and partially offset by the ERC taken in the quarter. Flotek also had a combined $4.8 million of loans outstanding pursuant to the Paycheck Protection Program (“PPP”) related to the “Cares Act.” In the second quarter 2021, JP3 was given full forgiveness of its $881,000 loan, and recently, Flotek filed for forgiveness of its PPP loan. The Company has also completed a term sheet for an asset-based line of credit.

Chemistry Technologies Segment: Energy Chemistries and Professional Chemistries
In the second quarter 2021, sales in the Chemistry Technologies segment declined 3.4% year-over-year to $7.7 million. The decrease was primarily a result of the loss of sales from two energy customers impacted by M&A activity in the second quarter. Professional Chemistries improved sequentially driven by sales of degreasers and disinfectants.

Highlights from the quarter include:

• Entered into a multi-year lease agreement with Resolute Oil, a leader in high-quality white mineral oil. The agreement will generate other income while offsetting costs for Flotek and will allow Resolute to utilize the Company’s chemical blending facility in Waller, Texas to manufacture and globally distribute USP-NF-grade white mineral oil. Additionally, the collaboration between Flotek and Resolute will enable the companies to leverage their expertise in adjacent market verticals for mutual benefit. The agreement includes options to renew until 2036.
• In support of the Company’s efforts to accelerate its ESG (Environmental, Social & Governance) solutions for domestic and international E&P operators and service companies across the energy life cycle, Flotek realigned and reallocated resources to build out its sales and marketing talent. The reallocation will result in a net, annualized cost savings of more than $1 million in salaries and benefits, while doubling the headcount in the sales force.
• Following a successful field trial for a customer in the Permian Basin, the customer expanded its green, reservoir-centric chemistry technologies to new unconventional basins and technology applications.
• Secured multiple remediation treatment applications of its Complex nano-fluid^® technologies, the Company’s bio-based, high-performance chemistry built upon non-toxic, plant-based solvents. The technology is enabling Flotek’s customers to cost effectively remove the use of BTEX (benzene, toluene, ethylbenzene and xylene) and other harmful solvents thus reducing the environmental risk of their remediation and production programs.
• Following its strategic focus to rebuild its indirect sales channel relationships, the Company grew its customer base and domestic revenue associated with service companies by 58% and 68%, respectively, over Q1 2021.
• Partnered with a major customer to begin an ESG scorecard assessment of their chemistry usage, identifying new opportunities to support their ESG goals.
• Increased sales in the Professional Chemistries business, driven by strength in janitorial disinfectants and cleaning products, as well as establishing new contractual relationships with leading large-scale distributors and redistributors.

Data Analytics Segment
In the second quarter 2021, Data Analytics’ (“JP3”) sales were flat with first quarter 2021. Second quarter 2021 revenue was driven by the addition of new customers and new purchases by existing customers. Flotek acquired JP3 in May 2020, and as a result full quarter year-over-year results are not available for comparison. Highlights include:

• In the second quarter 2021, JP3 completed the specifications and manufacturing of the international Verax analyzer prototype.
• JP3 is currently undergoing the extensive process to secure the approvals from multiple international certifying bodies to ready the equipment for deployment.
• JP3 received its first international purchase order supporting a supermajor energy company in Southeast Asia. This order also represents JP3’s first offshore deployment, expanding both its application use cases and geographical footprint.
• International pilot programs that began in the first quarter remain on-track. 

Conference Call Details
Flotek will host a conference call on Tuesday, August 10, 2021, at 8:30 am CDT (9:30 a.m. EDT) to discuss its second quarter results for the three months ended June 30, 2021. Participants may access the call through Flotek’s website at www.flotekind.com under “Webcasts” or by telephone at 844-835-9986.

About Flotek Industries, Inc.
Flotek Industries, Inc. creates solutions to reduce the environmental impact of energy on air, water, land and people. A technology-driven, specialty green chemistry and data company, Flotek helps customers across industrial, commercial, and consumer markets improve their Environmental, Social, and Governance performance. Flotek’s Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality cleaning, disinfecting and sanitizing products for commercial, governmental and personal consumer use. Additionally, Flotek empowers the energy industry to maximize the value of their hydrocarbon streams and improve return on invested capital through its real-time data platforms and green chemistry technologies. Flotek serves downstream, midstream, and upstream customers, both domestic and international. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit www.flotekind.com.

Forward-Looking Statements
Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.’s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release.  Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management.  Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements.  Further information about the risks and uncertainties that may impact the Company are set forth in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the “Risk Factors” section thereof), and in the Company’s other SEC filings and publicly available documents.  Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.

SOURCE Flotek Industries, Inc.

Flotek Announces Second Quarter 2021 Results

 

HOUSTON, Aug. 9, 2021 /PRNewswire/ — Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) today announced second quarter results for the three months ended June 30, 2021.

John W. Gibson, Jr., Chairman, President, and Chief Executive Officer stated, “Two of our most significant customers changed ownership on accelerated timelines in the second quarter, and both buyers suspended our forecasted business immediately following their closings. Excluding these events, customer growth and diversification was strong, with a 26% sequential increase of new customers in our energy chemistry technologies business. Additionally, our Data Analytics segment improved slightly, experiencing the third sequential improvement in sales and representing our highest performing quarter since our acquisition of JP3 last year.” 

“We remain focused on engaging with the industry to demonstrate the strategic benefits of our green chemistry solutions to support their ESG and operational goals. We are encouraged by the increased interest we are seeing in our value proposition; and to further accelerate these efforts, we have structurally realigned to reallocate resources to expand our sales team. This will support our strategy to diversify our customer base and expand our channels-to-market across the energy life cycle. Additionally, we are pleased that we have secured our first international sale for JP3 with a supermajor energy company in Southeast Asia, measuring hydrocarbons in their offshore operations – an exciting new frontier for our technologies.”

“We also continued to improve our liquidity, supported by recent actions. We have completed a lease agreement for our Waller facility with Resolute Oil, converting it into a more marketable, income-generating property. Further, we are pleased we have attained full forgiveness of our JP3 PPP loan. Additionally, we are exploring a number of credit-enhancing options, including an asset-based line of credit.”

Second Quarter Financial Results

• Consolidated Revenues: Flotek generated second quarter 2021 consolidated revenue of $9.2 million, up 3.4% from $8.9 million in the second quarter 2020, and was down 22.0% versus $11.8 million in the first quarter 2021. The sequential decline in sales was driven by the loss of revenue associated with two major energy customers through M&A activity. The year-over-year increase in revenue was driven by the acquisition of JP3 in May 2020.
• Consolidated Operating Expenses: Consolidated operating expenses (excluding depreciation and amortization) were $12.1 million in the second quarter 2021, a 12.3% decline from $13.8 million in the first quarter 2021 driven by a continued reduction in costs of sales, as well as lowering operating expenses. Year over year, consolidated operating expenses (excluding depreciation and amortization) rose 4.1% and were flat as a percentage of revenue.
• Corporate General & Administrative Expenses (CG&A): Corporate general and administrative expenses for the second quarter of 2021 were $2.9 million, compared to $5.4 million for the second quarter of 2020 and $4.4 million for the first quarter of 2021. The declines were primarily driven by lower personnel costs and the Employee Retention Credit (“ERC”) recorded in the second quarter.
• Adjusted EBITDA:  Adjusted EBITDA for the second quarter 2021 was a loss of $6.7 million, slightly higher than the $6.5 million loss in the first quarter of 2021 and flat with the loss of $6.7 million last year. 
• Net Loss: The Company reported a net loss for the second quarter 2021 of $6.5 million, or a loss of $0.09 per basic/diluted share, an improvement over the net loss in the second quarter 2020 of $9.6 million, or a loss of $0.14 per basic/diluted share. Net loss for the second quarter 2021 improved compared to the net loss for the first quarter of 2021 of $8.3 million, or a loss of $0.12 per basic/diluted share.

Balance Sheet and Liquidity
As of June 30, 2021, the Company had cash and equivalents of $27.8 million which were impacted by operating losses and partially offset by the ERC taken in the quarter. Flotek also had a combined $4.8 million of loans outstanding pursuant to the Paycheck Protection Program (“PPP”) related to the “Cares Act.” In the second quarter 2021, JP3 was given full forgiveness of its $881,000 loan, and recently, Flotek filed for forgiveness of its PPP loan. The Company has also completed a term sheet for an asset-based line of credit.

Chemistry Technologies Segment: Energy Chemistries and Professional Chemistries
In the second quarter 2021, sales in the Chemistry Technologies segment declined 3.4% year-over-year to $7.7 million. The decrease was primarily a result of the loss of sales from two energy customers impacted by M&A activity in the second quarter. Professional Chemistries improved sequentially driven by sales of degreasers and disinfectants.

Highlights from the quarter include:

• Entered into a multi-year lease agreement with Resolute Oil, a leader in high-quality white mineral oil. The agreement will generate other income while offsetting costs for Flotek and will allow Resolute to utilize the Company’s chemical blending facility in Waller, Texas to manufacture and globally distribute USP-NF-grade white mineral oil. Additionally, the collaboration between Flotek and Resolute will enable the companies to leverage their expertise in adjacent market verticals for mutual benefit. The agreement includes options to renew until 2036.
• In support of the Company’s efforts to accelerate its ESG (Environmental, Social & Governance) solutions for domestic and international E&P operators and service companies across the energy life cycle, Flotek realigned and reallocated resources to build out its sales and marketing talent. The reallocation will result in a net, annualized cost savings of more than $1 million in salaries and benefits, while doubling the headcount in the sales force.
• Following a successful field trial for a customer in the Permian Basin, the customer expanded its green, reservoir-centric chemistry technologies to new unconventional basins and technology applications.
• Secured multiple remediation treatment applications of its Complex nano-fluid^® technologies, the Company’s bio-based, high-performance chemistry built upon non-toxic, plant-based solvents. The technology is enabling Flotek’s customers to cost effectively remove the use of BTEX (benzene, toluene, ethylbenzene and xylene) and other harmful solvents thus reducing the environmental risk of their remediation and production programs.
• Following its strategic focus to rebuild its indirect sales channel relationships, the Company grew its customer base and domestic revenue associated with service companies by 58% and 68%, respectively, over Q1 2021.
• Partnered with a major customer to begin an ESG scorecard assessment of their chemistry usage, identifying new opportunities to support their ESG goals.
• Increased sales in the Professional Chemistries business, driven by strength in janitorial disinfectants and cleaning products, as well as establishing new contractual relationships with leading large-scale distributors and redistributors.

Data Analytics Segment
In the second quarter 2021, Data Analytics’ (“JP3”) sales were flat with first quarter 2021. Second quarter 2021 revenue was driven by the addition of new customers and new purchases by existing customers. Flotek acquired JP3 in May 2020, and as a result full quarter year-over-year results are not available for comparison. Highlights include:

• In the second quarter 2021, JP3 completed the specifications and manufacturing of the international Verax analyzer prototype.
• JP3 is currently undergoing the extensive process to secure the approvals from multiple international certifying bodies to ready the equipment for deployment.
• JP3 received its first international purchase order supporting a supermajor energy company in Southeast Asia. This order also represents JP3’s first offshore deployment, expanding both its application use cases and geographical footprint.
• International pilot programs that began in the first quarter remain on-track. 

Conference Call Details
Flotek will host a conference call on Tuesday, August 10, 2021, at 8:30 am CDT (9:30 a.m. EDT) to discuss its second quarter results for the three months ended June 30, 2021. Participants may access the call through Flotek’s website at www.flotekind.com under “Webcasts” or by telephone at 844-835-9986.

About Flotek Industries, Inc.
Flotek Industries, Inc. creates solutions to reduce the environmental impact of energy on air, water, land and people. A technology-driven, specialty green chemistry and data company, Flotek helps customers across industrial, commercial, and consumer markets improve their Environmental, Social, and Governance performance. Flotek’s Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality cleaning, disinfecting and sanitizing products for commercial, governmental and personal consumer use. Additionally, Flotek empowers the energy industry to maximize the value of their hydrocarbon streams and improve return on invested capital through its real-time data platforms and green chemistry technologies. Flotek serves downstream, midstream, and upstream customers, both domestic and international. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit www.flotekind.com.

Forward-Looking Statements
Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.’s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release.  Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management.  Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements.  Further information about the risks and uncertainties that may impact the Company are set forth in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the “Risk Factors” section thereof), and in the Company’s other SEC filings and publicly available documents.  Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.

SOURCE Flotek Industries, Inc.

Gevo to Sell Renewable Natural Gas to bp

 

ENGLEWOOD, Colo., Aug. 09, 2021 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO), is extremely pleased to announce today that its wholly-owned dairy manure-based renewable natural gas (“RNG”) project company located in northwest Iowa, Gevo NW Iowa RNG, LLC (“NW Iowa RNG”), has signed binding, definitive agreements with BP Canada Energy Marketing Corp. and BP Products North America Inc. (collectively, “bp” ) for the sale of NW Iowa RNG’s production (the “bp Agreements”).
 

The NW Iowa RNG project is currently being constructed and is expected to commence production in early 2022. Upon project completion, NW Iowa RNG is estimated to produce approximately 355,000 MMBtu of RNG per year. The RNG is expected to be sold into the California market under dispensing agreements bp has in place with Clean Energy Fuels Corp., the largest fueling infrastructure in the U.S. for RNG.

RNG-fueled vehicles are estimated to result in up to 95 percent lower emissions than those fueled by gasoline or diesel on a lifecycle basis, according to a US Department of Energy study .

It is anticipated that NW Iowa RNG will benefit from environmental product revenues under California’s Low Carbon Fuel Standard program and the U.S. Environmental Protection Agency’s Renewable Identification Number program.

Beginning in late 2022 upon stabilized operations and pathway certifications of its environmental products, NW Iowa RNG is expected to generate cash distributions to Gevo of approximately $9 to $16 million per year. Starting in 2024, Gevo will have the right to use a portion of NW Iowa RNG’s production as process energy at its Net-Zero 1 Project or other production facilities, including future Net-Zero projects.

“RNG is proving to be a key fuel in the energy transition. bp has a value chain that allows RNG to reach the transportation market, and it’s a pleasure to work with a company that shares our vision of a low-carbon future,” said Dr. Patrick R. Gruber, Chief Executive Officer of Gevo. “This is an excellent opportunity to meet the growing demand for RNG and to expand our RNG business. We are glad to be working with bp.”

For more information and details about the terms of the bp Agreements, please see the Current Report on Form 8-K that Gevo has filed with the U.S. Securities and Exchange Commission on August 9, 2021.

About Gevo

Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business.

Gevo believes that the Argonne National Laboratory GREET model is the best available standard of scientific-based measurement for life cycle inventory or LCI.

Learn more at Gevo’s website: www.gevo.com

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters including, without limitation, the development and construction of the the NW Iowa RNG project, the bp Agreements, the ability of Gevo to realize production of RNG with NW Iowa RNG, Gevo’s ability to generate cash from NW Iowa RNG, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2020, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

Investor and Media Contact

+1 720-647-9605

IR@gevo.com

Gevo to Sell Renewable Natural Gas to bp

 

ENGLEWOOD, Colo., Aug. 09, 2021 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO), is extremely pleased to announce today that its wholly-owned dairy manure-based renewable natural gas (“RNG”) project company located in northwest Iowa, Gevo NW Iowa RNG, LLC (“NW Iowa RNG”), has signed binding, definitive agreements with BP Canada Energy Marketing Corp. and BP Products North America Inc. (collectively, “bp” ) for the sale of NW Iowa RNG’s production (the “bp Agreements”).
 

The NW Iowa RNG project is currently being constructed and is expected to commence production in early 2022. Upon project completion, NW Iowa RNG is estimated to produce approximately 355,000 MMBtu of RNG per year. The RNG is expected to be sold into the California market under dispensing agreements bp has in place with Clean Energy Fuels Corp., the largest fueling infrastructure in the U.S. for RNG.

RNG-fueled vehicles are estimated to result in up to 95 percent lower emissions than those fueled by gasoline or diesel on a lifecycle basis, according to a US Department of Energy study .

It is anticipated that NW Iowa RNG will benefit from environmental product revenues under California’s Low Carbon Fuel Standard program and the U.S. Environmental Protection Agency’s Renewable Identification Number program.

Beginning in late 2022 upon stabilized operations and pathway certifications of its environmental products, NW Iowa RNG is expected to generate cash distributions to Gevo of approximately $9 to $16 million per year. Starting in 2024, Gevo will have the right to use a portion of NW Iowa RNG’s production as process energy at its Net-Zero 1 Project or other production facilities, including future Net-Zero projects.

“RNG is proving to be a key fuel in the energy transition. bp has a value chain that allows RNG to reach the transportation market, and it’s a pleasure to work with a company that shares our vision of a low-carbon future,” said Dr. Patrick R. Gruber, Chief Executive Officer of Gevo. “This is an excellent opportunity to meet the growing demand for RNG and to expand our RNG business. We are glad to be working with bp.”

For more information and details about the terms of the bp Agreements, please see the Current Report on Form 8-K that Gevo has filed with the U.S. Securities and Exchange Commission on August 9, 2021.

About Gevo

Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business.

Gevo believes that the Argonne National Laboratory GREET model is the best available standard of scientific-based measurement for life cycle inventory or LCI.

Learn more at Gevo’s website: www.gevo.com

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters including, without limitation, the development and construction of the the NW Iowa RNG project, the bp Agreements, the ability of Gevo to realize production of RNG with NW Iowa RNG, Gevo’s ability to generate cash from NW Iowa RNG, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2020, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

Investor and Media Contact

+1 720-647-9605

IR@gevo.com

enCore Energy Corp. Announces Clarification on Uranium Sales Agreement News Release

 

CORPUS CHRISTI, Texas, Aug. 4, 2021 /PRNewswire/ – enCore Energy Corp. (TSXV: EU) (OTCQB: ENCUF) (the “Company“)   announces, for greater clarity, as stated in the August 4, 2021 news release, the Company’s objective is to advance its South Texas uranium facilities towards production and as such has executed a uranium sales agreement. The Agreement covers a total of 2 million pounds U₃O₈ at market related prices over a 5-year period starting in 2023.

About enCore Energy Corp.

enCore Energy Corp. is a U.S. domestic uranium developer focused on becoming a leading in-situ recovery (ISR) uranium producer. The Company is led by a team of industry experts with extensive knowledge and experience in the development and operations of in situ recovery uranium operations. enCore Energy’s opportunities are created from the Company’s transformational acquisition of its two South Texas production facilities, the changing global uranium supply/demand outlook and opportunities for industry consolidation.  These short-term opportunities are augmented by our strong long term commitment to working with local indigenous communities in New Mexico where the company holds significant uranium resources.

SOURCE enCore Energy Corp.

enCore Energy Corp. Announces Clarification on Uranium Sales Agreement News Release

 

CORPUS CHRISTI, Texas, Aug. 4, 2021 /PRNewswire/ – enCore Energy Corp. (TSXV: EU) (OTCQB: ENCUF) (the “Company“)   announces, for greater clarity, as stated in the August 4, 2021 news release, the Company’s objective is to advance its South Texas uranium facilities towards production and as such has executed a uranium sales agreement. The Agreement covers a total of 2 million pounds U₃O₈ at market related prices over a 5-year period starting in 2023.

About enCore Energy Corp.

enCore Energy Corp. is a U.S. domestic uranium developer focused on becoming a leading in-situ recovery (ISR) uranium producer. The Company is led by a team of industry experts with extensive knowledge and experience in the development and operations of in situ recovery uranium operations. enCore Energy’s opportunities are created from the Company’s transformational acquisition of its two South Texas production facilities, the changing global uranium supply/demand outlook and opportunities for industry consolidation.  These short-term opportunities are augmented by our strong long term commitment to working with local indigenous communities in New Mexico where the company holds significant uranium resources.

SOURCE enCore Energy Corp.

Thursday, August 05, 2021

enCore Energy Corp. (ENCUF)(EU:CA)
enCore Signs Uranium Sales Agreement

enCore Energy Corp together with its subsidiary, is engaged in the acquisition and exploration of resource properties. The company holds the Marquez project in New Mexico as well as the dominant land position in Arizona with additional other properties in Utah and Wyoming. The firm also owns or has access to North American and global uranium data including the Union Carbide, US Smelting and Refining, UV Industries, and Rancher’s Exploration databases in addition to a collection of geophysical data for the high-grade Northern Arizona Breccia Pipe District.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

enCore Energy executed a 5-year sales agreement with UG USA, Inc. The agreement covers 2 million pounds of U3O8, or 400,000 lbs annually. On July 30, enCore announced commencement of refurbishment and upgrade of the Rosita processing plant in southern Texas for completion in 2022-2Q. On April 6, it announced the acquisition of 200,000 lbs. of U3O8. We expect enCore to fulfill its sales agreement with production at the Rosita plant and through the sale of inventory.


The agreement represents about half of Rosita’s production capacity.  The Rosita plant has the capacity and licensing to process 800,000 lbs. of uranium per year, perhaps more if the plant is expanded during renovation. As such, the agreement covers about half of the plant’s capacity. The area surrounding Rosita has more than 600,000 lbs. of proven uranium, an amount that will expand with recent …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Hydrogen About to Take to the Skies

 

In an interesting step seeking to make air travel cleaner, four companies are experimenting with a long-term solution by modifying a small turboprop plane. In an August 4th press release, Plug Power (NASDAQ: PLUG), Universal Hydrogen, magniX, and Aerotec announced the creation of a Hydrogen Aviation Test and Service Center at Grant County International Airport in Moses Lake, Washington.

The center will focus on the test flight and certification of Universal Hydrogen’s retrofitted conversion of a Dash-8 regional turboprop airplane. The tricked-out hydrogen version is scheduled for entry into commercial service in 2025. There is commitment among early adopters of hydrogen zero-carbon emission technology that include industry leaders that have signed a letter of intent with Universal Hydrogen. These include, Ravn Alaska, Icelandair, and Spain’s Air Nostrum, the letters of intent with Universal Hydrogen is to convert their existing and future efforts in this project.

The center will focus on the test flight and certification of Universal Hydrogen’s retrofit conversion of a Dash-8 regional turboprop aircraft, scheduled for entry into commercial service in 2025. Early adopters of the zero-carbon emission technology include Ravn Alaska, Icelandair, and Spain’s Air Nostrum, which have entered into letters of intent with Universal Hydrogen to convert their existing and future fleets to a hydrogen powertrain, and for long-term hydrogen fuel supply contracts using Universal Hydrogen’s modular capsule distribution network. The hydrogen powertrain comprises electric propulsion units (EPUs) from Everett-based magniX and fuel cells from Plug Power, which has a significant operational footprint in Spokane, Washington. Seattle-based AeroTEC will lead aircraft conversion, flight test, and certification activities, drawing on its experience with electric aviation and expertise from across the aerospace sector. The conversion work for U.S.-based airlines, flight test, as well as continuing airworthiness support would be based in AeroTEC’s Moses Lake facility.

“This is a game changer for the state, and, frankly, aviation,” said Emily Wittman, President and CEO of the Seattle-based Aerospace Futures Alliance, the leading voice of the aviation industry in the state whose members include Boeing and Alaska Airlines. “The Universal Hydrogen, magniX, Plug Power, and AeroTEC teams have demonstrated a clear and credible path to zero-carbon aviation in the near term. Their investment in Moses Lake puts Washington at the forefront of these efforts. The possibilities for our state’s aviation sector are enormous.”

AeroTEC’s Moses Lake facility has long been a favorite location for electric aviation projects, having recently flown a battery-powered 9-passenger Cessna 208B “eCaravan,” also powered by a magniX EPU. Universal Hydrogen’s Dash-8 conversion will be the first commercially-relevant hydrogen-powered aircraft, serving 41 to 60 passengers on routes up to 1,000 kilometers. Hydrogen fuel for the airplanes will be supplied using modular capsules that can be transported to airports using the existing freight network and on-airport cargo handling equipment, requiring no new infrastructure.

“We’re excited to have been selected by Universal Hydrogen as a trusted development partner,” said AeroTEC founder and CEO, Lee Human. “This program will leverage AeroTEC’s aircraft integration expertise and modification facilities in Moses Lake, and will not only bring an exciting new set of flight tests to the region, but also a long-term aircraft conversion and continued airworthiness program. This solidifies Moses Lake’s place as a leader in zero-carbon flight.”

“The decarbonization of aviation through hydrogen is critical for a zero-carbon economy,” said Andy Marsh, CEO of Plug Power. “From its days as a World War II air training center to a center today for alternative fuel development and flight testing, Moses Lake, Washington has led the way in aviation, energy, and innovation. With our team in Spokane, we are proud to be a part of this landmark Hydrogen Aviation Center.”

“We are collaborating with these amazing partners to propel the future of aviation,” said magniX CEO, Roei Ganzarski. “Zero emissions aviation is no longer a dream—together we are making it a reality.”

“Moses Lake and Washington State are the perfect location for us to base this center,” said Paul Eremenko, Universal Hydrogen co-founder and CEO. “The tremendous aerospace and cleantech workforce, our incredible partners here, abundant renewable electricity for green hydrogen production, and the support of local and state governments is unparalleled.”

Universal Hydrogen completed its Series A investment round earlier in the year, Silicon Valley venture fund, Playground Global, with the investor syndicate comprising Plug Power, Fortescue Future Industries, Coatue, Global Founders Capital, Airbus Ventures, JetBlue Technology Ventures, Toyota Ventures, and Sojitz Corporation.

About
Universal Hydrogen

Universal Hydrogen is making hydrogen-powered commercial flight a closer reality. The company takes a flexible, scalable, and capital-light approach to hydrogen logistics by transporting it in modular capsules over the existing freight network from green production sites to airports around the world. To accelerate market adoption, Universal Hydrogen is also developing a conversion kit to retrofit existing regional airplanes with a hydrogen-electric powertrain compatible with its modular capsule technology.

“Zero emissions aviation is no longer a dream—together we are making it a reality.”

“This is a game changer for the state, and, frankly, aviation,” said Emily Wittman, President and CEO of the Seattle-based Aerospace Futures Alliance, the leading voice of the aviation industry in the state whose members include Boeing and Alaska Airlines. “The Universal Hydrogen, magniX, Plug Power, and AeroTEC teams have demonstrated a clear and credible path to zero-carbon aviation in the near term. Their investment in Moses Lake puts Washington at the forefront of these efforts. The possibilities for our state’s aviation sector are enormous.”

AeroTEC’s Moses Lake facility has long been a favorite location for electric aviation projects, having recently flown a battery-powered 9-passenger Cessna 208B “eCaravan,” also powered by a magniX EPU. Universal Hydrogen’s Dash-8 conversion will be the first commercially-relevant hydrogen-powered aircraft, serving 41 to 60 passengers on routes up to 1,000 kilometers. Hydrogen fuel for the airplanes will be supplied using modular capsules that can be transported to airports using the existing freight network and on-airport cargo handling equipment, requiring no new infrastructure.

“We’re excited to have been selected by Universal Hydrogen as a trusted development partner,” said AeroTEC founder and CEO, Lee Human. “This program will leverage AeroTEC’s aircraft integration expertise and modification facilities in Moses Lake, and will not only bring an exciting new set of flight tests to the region, but also a long-term aircraft conversion and continued airworthiness program. This solidifies Moses Lake’s place as a leader in zero-carbon flight.”

“The decarbonization of aviation through hydrogen is critical for a zero-carbon economy,” said Andy Marsh, CEO of Plug Power. “From its days as a World War II air training center to a center today for alternative fuel development and flight testing, Moses Lake, Washington has led the way in aviation, energy, and innovation. With our team in Spokane, we are proud to be a part of this landmark Hydrogen Aviation Center.”

“We are collaborating with these amazing partners to propel the future of aviation,” said magniX CEO, Roei Ganzarski. “Zero emissions aviation is no longer a dream—together we are making it a reality.”

“Moses Lake and Washington State are the perfect location for us to base this center,” said Paul Eremenko, Universal Hydrogen co-founder and CEO. “The tremendous aerospace and cleantech workforce, our incredible partners here, abundant renewable electricity for green hydrogen production, and the support of local and state governments is unparalleled.”

Universal Hydrogen completed its Series A investment round earlier in the year, led by prominent Silicon Valley venture fund, Playground Global, with the investor syndicate comprising Plug Power, Fortescue Future Industries, Coatue, Global Founders Capital, Airbus Ventures, JetBlue Technology Ventures, Toyota Ventures, and Sojitz Corporation.

 

Take-Away

Momentum toward an economy that includes hydrogen powered transportation is moving rapidly. For long term sustainable power, lithium-ion storage, even in the solid-state form does not get heavy cargo far enough down the road, through the sky or across the ocean. Electricity generation through refillable hydrogen fuel cells may very well be the clean energy answer for industrial uses.

 

Suggested Reading

Investment Opportunities in Hydrogen

What Companies are Involved in SpaceFlight?

Lithium-ion vs. Hydrogen Fuel Cell Power

Fords Announcement is a Another Reason for Copper Investors to Smile

 

Sources:

https://www.businesswire.com/news/home/20210804005380/en/Universal-Hydrogen-magniX-Plug-Power-and-AeroTEC-Announce-Hydrogen-Aviation-Center-at-Moses-Lake-Washington

 

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Gevo’s Luverne Facility Re-Starts Production Operations

 

ENGLEWOOD, Colo., Aug. 04, 2021 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO), announced today that production operations at its advanced, renewable fuels production facility located in Luverne, Minnesota (the “Luverne Facility”) have re-commenced. The Luverne Facility is expected to produce fuel-grade, renewable isobutanol (“IBA”). The IBA produced will be used as a feedstock for Gevo to produce sustainable aviation fuel and renewable premium gasoline to fulfill existing sales contracts. These renewable hydrocarbons will be produced in Silsbee, Texas at the South Hampton Resources, Inc. hydrocarbon production facility. Gevo also expects to utilize some of the IBA produced to develop certain IBA specialty markets.

Moreover, the production operations at the Luverne Facility will allow Gevo to test and evaluate certain potential unit operations that may be incorporated into Gevo’s state-of-the-art Net-Zero 1 production facility that is expected to begin production in 2024 in Lake Preston, South Dakota.

Agri-Energy, LLC, Gevo’s wholly-owned subsidiary that owns the Luverne Facility, has rehired multiple former employees and is in the process of hiring an additional 11 employees to produce the IBA with the goal to have 30 full-time employees.

“The team in Luverne has done an exceptional job restarting isobutanol operations safely and with a focus on continuous improvement for future growth,” said Dr. Paul Bloom, President of Agri-Energy, LLC. “We appreciate the continued support we’ve received from the State of Minnesota and City of Luverne and are happy to be increasing the number of high-quality jobs at the site. Ongoing production of IBA and building our team is just the first phase of what we want to do at Luverne. We see that Luverne has potential to serve specialty markets other than jet and gasoline. We expect to announce more in coming months as the rest of the plans come together.”

“We are getting geared up for what will be the next stage of Gevo’s growth which is coming at us at an accelerated rate.   We are leveraging our existing Luverne location to optimize conversion of our isobutanol production to develop the standard in operating discipline for efficient and safe IBA production facilities,” commented Dr. Patrick R. Gruber, Chief Executive Officer of Gevo. “I like the option of being able to test unit operations that could help optimize and train people for Net-Zero 1. It will be critical for Net-Zero 1 to start-up smoothly and the best way to do that is to do a good job training our people. I expect Luverne to provide some of that experience,” Dr. Gruber continued.

About Gevo

Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business.

Gevo believes that the Argonne National Laboratory GREET model is the best available standard of scientific-based measurement for life cycle inventory or LCI.

Learn more at Gevo’s website: www.gevo.com

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, without limitation, including the Luverne Facility, the Luverne Facility’s ability to produce IBA, the Net-Zero 1 project, Gevo’s technology, Gevo’s products, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2020, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

Investor and Media Contact

+1 720-647-9605

IR@gevo.com

 

Capstone Green Energy Corporation (NASDAQ:CGRN) to Provide 1 MW Biogas Power System for Wastewater Treatment Facility in Central America

 

Renewable Fuel Projects Made up 13% of Total Revenues in Fiscal 2021

VAN NUYS, CA / ACCESSWIRE / August 4, 2021 / Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) formerly Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST) (“Capstone” or the “Company”), announced today that its Direct Solution Sales Team received a contract for a Capstone Signature Series C1000S system to operate grid-connected on biogas at a wastewater treatment facility in Central America.

The new system, currently slated to be commissioned in November 2021, is expected to allow the site to reduce the amount of electricity needed to be purchased from the local utility. As a biogas-based system, the configuration will capture the methane produced by the anaerobic digesters and use it to fuel the C1000S system. Due to the coastal location, the system will include a high humidity enclosure, which minimizes the effects of the climate and helps ensure equipment reliability.

“Thanks to the anaerobic digesters, the plant essentially has access to free fuel. In addition, the methane produced will no longer need to be flared off into the atmosphere, which will reduce the plant’s emissions and improve air quality for local communities,” said Jim Crouse, Capstone Green Energy Chief Revenue Officer.

Capstone has appointed DTC Machinery, the Company’s distributor in Central America, to provide support once the system is installed and commissioned.

According to the Environmental and Energy Study Institute (EESI),biogas can provide a clean, renewable, and reliable source of baseload power in place of coal or natural gas. Renewable baseload power can complement more intermittent renewables. Similar to natural gas, biogas can also be used as a source of peak power that can be rapidly ramped up. Using stored biogas limits the amount of methane released into the atmosphere and reduces dependence on fossil fuels. The reduction of methane emissions derived from tapping all the potential biogas in the United States is estimated to be equal to the annual emissions of up to 11 million passenger vehicles.

Capstone Green Energy is focused on increasing the use of biogas and other renewable fuels. In fiscal year 2021, 13% of Capstone Green Energy revenues were derived from biogas-to-energy projects or other renewable fuels. Generating electricity from biogas is a process that has been widely implemented around the world. World Biogas Association estimates that there are approximately 132,000 small, medium or large-scale digesters operating in the world, providing a large-scale global opportunity for implementing new biogas-based systems.

“The addition of a biogas-based microturbine system at a wastewater treatment facility is essentially a win-win for everyone involved,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. “Not only does it provide long-term cost savings and environmental benefits, but it also offers greater energy independence and reliability. We believe it’s truly an ideal solution for these types of facilities,” concluded Mr. Jamison.

About Capstone Green Energy
Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are driven by the Company’s industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.

For more information about the Company, please visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company’s growth strategy and other statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

CONTACT:
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
ir@CGRNenergy.com

SOURCE: Capstone Green Energy Corporation