Capstone Turbine CEO to Speak with Bush, Cheney, Abraham at DC Energy Event
CHATSWORTH, Calif.--June 27, 2001--Dr. Ake Almgren, president and CEO of Capstone Turbine Corp. (www.microturbine.com) , and several other business executives, will meet tomorrow morning with President George W. Bush, Vice-President Dick Cheney and Energy Secretary Spencer Abraham at an exhibit of new energy technologies at the Department of Energy.A Capstone MicroTurbine(TM) power system will be displayed at the Department of Energy event at 9:45 a.m. to 11 a.m., Eastern Time.
Almgren, along with executive representatives from Intel (www.intel.com) , Silicon Energy (www.siliconenergy.com), GE (www.ge.com) , Enova Systems (www.enovasystems.com) , National Semiconductor (www.national.com) , Powercell (www.powercell.com), and others will meet briefly with the administration officials to detail how Capstone MicroTurbines and other new energy generation/conservation technologies can contribute to energy solutions today.
The President is expected to make a statement to the media following his tour of the energy exhibits.
Almgren was invited by the White House to be a part of the event following Almgren's meeting with the President and California Governor Gray Davis in Los Angeles last month (see www.microturbine.com/whatsNew/pressrelease.asp?article=114).
"Clean distributed generation resources like the Capstone MicroTurbine help conserve energy resources in a number of ways," Almgren said. "This would include maximizing energy efficiency through cogeneration; hybrid electric vehicles that, if Capstone-energized, use half the fuel of conventional vehicles; and the use of `waste' gases from oilfields, landfills, agricultural digesters and wastewater treatment plants as a source of fuel to generate electricity."
Following last month's energy roundtable with Bush and Davis, Almgren said, "I was impressed with the interest the President showed and the time he spent with the roundtable. The fact that environmentally benign, safe and reliable distributed generation systems -- like the Capstone MicroTurbine -- can be installed and generating in weeks rather than years, I hope struck a chord with the President and the Governor," Almgren said.
It was noted that Capstone is a California company that today is producing up to 1.5 megawatts of microturbine power systems per week. "If required, we could, within 12 months, ramp that up to 10 megawatts per week, which is 500 megawatts per year," Almgren said.
Almgren expects to provide information about current Capstone MicroTurbine customers and specific examples of how the systems are being used. This is to include information on how wasted energy resources -- such as landfill, wastewater and oilfield gases that are often flared into the environment -- can instead be used by microturbines as a source of fuel to generate electricity.
Also included will be examples of Capstone MicroTurbines being used in high-efficiency combined-heat-and-power (CHP) applications, hybrid electric vehicles and power quality/reliability installations.
The President's National Energy Policy (www.whitehouse.gov/energy/National-Energy-Policy.pdf) contains several references to microturbines and other alternate energy resources. The document suggests provision of incentives to "accelerate the development of clean Combined Heat and Power technology" and to "expand existing alternative fuels tax incentives to include landfills that capture methane gas emissions for electricity generation."
The policy document also suggests a tax credit for the purchase of hybrid vehicles.
About Capstone Turbine
Capstone Turbine Corp. (www.microturbine.com) -- winner of Financial Times Energy's (www.ftenergy.com) 2000 Global Energy Award for Most Innovative Commercial Technology -- is a leading producer of low-emission microturbine systems.
In 1998, Capstone was the first to offer commercial power products utilizing microturbine technology, the result of more than 10 years of focused research. Worldwide, more than 1,000 commercial production Capstone MicroTurbine systems serve, among others, the following applications:
| -- | Hybrid electric vehicles (HEVs): onboard generation |
| -- | Resource recovery: converting oilfield, landfill and sewage waste gases into electricity |
| -- | Micro-cogeneration: combined heat/power/chilling solutions |
| -- | The 9s market: power quality and reliability |
This news release contains "forward-looking statements," as that term is used in the federal securities laws, about Capstone's business, including statements regarding anticipated benefits of distributed generation, ability to ramp up unit production over the next 12 months, implications of the National Energy Policy to Capstone's business and other such statements. You can find many of these statements by looking for words such as "believes," "expects," "anticipates," "estimates," or similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. These risks and uncertainties, such as staffing difficulties that may reduce the number of microturbines Capstone can produce, include those risks, uncertainties, marketplace competitors and risk factors identified, among other places, under "Business Risks" in Capstone's Annual Report (www.corporate-ir.net/ireye/ir_site.zhtml?ticker=cpst&script=2100) on form 10-K for the year ended Dec. 31, 2000. Capstone cautions you not to place undue reliance on these statements, which speak only as of the date of this release. Capstone undertakes no obligation to release any revisions to such statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
Note: Electronic press kit materials available at: http://www.microturbine.com/whatsnew/morePhotos.asp?newsid=121
Note: More information on Capstone's FT Energy Award noted above is available at: www.microturbine.com/whatsnew/pressrelease.asp?article=54
Note: High-resolution photos available at www.microturbine.com/whatsnew
Note: Annual report is at: www.corporate-ir.net/ireye/ir_site.zhtml?ticker=cpst&script=2100