CHATSWORTH, Calif.--(BUSINESS WIRE)--June 7, 2007--Capstone Turbine Corporation (www.microturbine.com) (NASDAQ:CPST), the world's leading manufacturer of microturbine energy systems, today announced the signing of a new Original Equipment Manufacturer (OEM) Agreement with Stellar Energy Systems (www.stellar.net), and strategic partner MAS Global (www.mas-global.com). Together, Stellar and MAS Global offer the turnkey supply of distributed generation solutions internationally.
The Stellar-MAS Global team offers distributed generation systems that are based on standardized building blocks that can be combined to meet each customer's specific electric power and thermal requirements. Mike Solms, President of MAS Global, comments, "We view the systems that we offer as 'products' due to the standardization of design and the nature in which they are constructed. The product orientation that we have enables us to utilize a formatted approach to delivering distributed generation systems that are the same every time. This allows us to identify and utilize best practices in the design and delivery of every distributed generation system that we provide."
Stellar is headquartered in Jacksonville, Florida and has international business operations in the Americas, Europe, the Middle East and Asia. Stellar serves the market in the Americas from its Jacksonville, Florida headquarters and more than 20 service locations throughout the United States. Stellar serves the Middle East market from its office in Dubai, United Arab Emirates (UAE) and the European and Asian markets through strategic business relationships.
"The OEM team of Stellar and MAS Global is a very powerful combination that brings exceptional systems design and packaging capabilities to deliver distributed generation systems based on Capstone MicroTurbines", said Darren Jamison, Capstone's President and Chief Executive Officer. "Stellar is a premier international engineering, construction and mechanical services firm that delivers turnkey utility related facilities and systems. Based on Stellar's many years of experience and extensive internal resources, together with MAS Global's innovative modular designs, the Stellar-MAS Global distributed generation system solutions offer maximum flexibility for customers while minimizing engineering and construction costs. Stellar's distributed generation system solutions are among the best available in the market", Jamison added.
"Signing this OEM agreement with Stellar Energy Systems and MAS Global opens additional sales opportunities worldwide", said Jim Crouse, Executive Vice President of Sales & Marketing. "With a highly qualified in-house team, the Stellar-MAS Global team provides an exceptional level of service to owners", added Crouse.
"Stellar offers the turnkey supply of central energy plant solutions internationally. With over 900 direct employed architects, engineers, construction, and service technicians, we are proud that our resources rank among the top engineering and construction firms in the world today", said Kurt Liebendorfer, Senior Vice President of Stellar. "We are impressed with Capstone's undisputed leadership in microturbine technology and as a manufacturer of proven and reliable equipment. We look forward to a successful long-term relationship between our companies", added Liebendorfer
Item 1.01 Entry Into a Material Definitive Agreement. Development and License Agreement
On September 4, 2007, Capstone Turbine Corporation, a Delaware corporation (the "Company") entered into a Development and License Agreement (the "Agreement") with UTC Power Corporation ("UTCP") with respect to UTCP's funding and support of the Company's continued development and commercialization of its 200kW MicroTurbine(TM) product (the "C200 System").
Pursuant to the terms of the Agreement UTCP will contribute twelve million dollars ($12,000,000) in cash and approximately eight hundred thousand dollars ($800,000) of in-kind services toward the Company's efforts to develop the C200 System. In return, the Company will pay to UTCP an ongoing royalty of 10% of the sales price of the C200 System until the aggregate of UTCP's total investment has been recovered and, thereafter, the royalty will be reduced to 5% of the sales price.
The Company will receive $1,500,000 upon the signing of the Agreement and is scheduled to receive the remaining $10,500,000 at the achievement of certain development milestones as more fully set forth below:
o $2,000,000 at systems requirements review; o $2,500,000 at preliminary design review; o $2,500,000 at critical design review; o $2,000,000 at microturbine build completion; and o $1,500,000 at completion of qualification.
If the Company fails to complete the development and commercialization of the C200 System, UTCP will receive a non-exclusive, perpetual, world-wide license to the C200 System and the Company would receive royalty payments of 3% per unit of the burdened manufacturing cost for C200 Systems sold by UTCP.
The Company and UTCP are currently parties to an existing OEM agreement that permits UTCP to package the Company's MicroTurbine(TM) products with chillers and heat exchange equipment manufactured by UTCP. The new Agreement extends the existing OEM agreement to ensure that such agreement is in effect during the period of commercialization of the C200 System and for an additional six months thereafter.
Sales by the Company to UTCP accounted for approximately 12% of net revenue for the year ended March 31, 2007.
The foregoing is a summary description of the terms and conditions of the Agreement and is qualified in the entirety by the text of the Agreement, a copy of which will be filed with the Securities and Exchange Commission as an exhibit to the Company's Quarterly Report on Form 10-Q for the Quarter ended on September 30, 2007.
Capstone Signs Strategic Agreement With UTC Power for the Commercial Launch of a New 200kW Microturbine Product Wednesday September 5, 7:00 am ET
CHATSWORTH, Calif.--(BUSINESS WIRE)--Capstone Turbine Corporation (NASDAQ:CPST - News) and UTC Power, a United Technologies Corp. (NYSE:UTX - News) company, today announced the companies are extending their collaborative relationship to develop and launch a 200kW microturbine product. ADVERTISEMENT
Capstone CEO Darren Jamison said, "We are very pleased to announce this important business development with a well-respected company like UTC Power. As one of the market leaders in on-site power solutions, UTC Power's continuing commitment to developing environmentally advanced products makes them the ideal strategic partner for Capstone."
UTC Power and Capstone Turbine Corporation have collaborated for several years in the development, marketing and sales of UTC Power PureComfort® low-emission combined cooling, heating and power systems. These systems, which generate between 195 and 390 kW of electricity, capture exhaust energy from the Capstone MicroTurbines to power an absorption chiller, thereby producing seasonal cooling and heating in the same unit. When a PureComfort system is integrated with a facility's central heating or cooling system, the energy efficiencies can exceed 80 percent.
"We are excited to build on our past success with Capstone," said John Fox, UTC Power on-site Product Manager. "This new C200 product will expand our offerings and allow us to bring the PureComfort on-site power system benefits to a larger number of customers."
Rising electricity rates as well as the availability of incentive funding for clean energy alternatives in several states have sparked growing interest in low-emission PureComfort systems, which have been installed at hotels, hospitals, supermarkets, data centers and schools.
"The new C200 system will provide these same technology advantages but also be able to power applications up to 2 megawatts and comply with the strict 2007 requirements established by the California Air Resources Board (CARB)," said Mark Gilbreth, Executive Vice President and Chief Technology Officer of Capstone Turbine Corporation.
The company will host a conference call today September 5, 2007 at 4:30 p.m. Eastern Daylight Time. Access to the live broadcast and a replay of the webcast will be available for 30 days through the Investor Relations page on the Company's website: www.microturbine.com. Capstone today made an 8-K filing with the Securities and Exchange Commission.
About Capstone Turbine
Capstone Turbine Corporation (www.microturbine.com) (NASDAQ:CPST - News) is the world's leading producer of low-emission microturbine systems, and was the first to market commercially viable microturbine energy products. Capstone Turbine has shipped over four thousand Capstone MicroTurbine(TM) systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone Turbine is a member of the U.S. Environmental Protection Agency's Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation's energy infrastructure and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO 9001:2000 certified company; Capstone Turbine is headquartered in the Los Angeles area with sales and/or service centers in New York, Mexico City, Milan, Nottingham, Shanghai and Tokyo.
About UTC Power
United Technologies Corp., based in Hartford, Connecticut, provides high-technology products and services to the building and aerospace industries. Its UTC Power unit in South Windsor, Conn., is a full-service provider of environmentally advanced power solutions. UTC Power is a world leader with nearly 50 years' experience in developing and producing fuel cells for on-site power, transportation, space and defense applications, as well as a leader in innovative renewable energy solutions and combined cooling, heating and power solutions for the distributed energy market.
"Capstone Turbine Corporation" and "Capstone MicroTurbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
This press release contains "forward-looking statements," as that term is used in the federal securities laws, about new sales opportunities for Capstone, in particular, with the development, commercialization, and sale of the C200 microturbine system. Forward-looking statements may be identified by words such as "expects," "objective," "intend," "targeted," "plan" and similar phrases. These forward-looking statements are subject to numerous assumptions, risks and uncertainties described in Capstone's filings with the Securities and Exchange Commission that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
Contact: Capstone Turbine Corporation Alice Barsoomian, 818-407-3628
: Press Release Source: The Nasdaq Stock Market, Inc
Semi-Annual Changes to the NASDAQ Clean Edge U.S. Indexes Monday September 17, 7:00 am ET
NEW YORK , OAKLAND, Calif, and PORTLAND, Ore., Sept. 17, 2007 (PRIME NEWSWIRE) -- The Nasdaq Stock Market, Inc. (``NASDAQ'') (NasdaqGS:NDAQ - News) announced today the results of the semi-annual reconstitution of the NASDAQ(r) Clean Edge(r) U.S. Index (Nasdaq:CLEN) and the NASDAQ(r) Clean Edge(r) U.S. Liquid Series Index (Nasdaq:CELS) (the ``Indexes''), which will become effective with the market open on Monday, September 24, 2007. The following twelve securities will be added to the Indexes: China BAK Battery, Inc. (NasdaqGM:CBAK - News), Comverge, Inc. (NasdaqGM:COMV - News), Capstone Turbine Corporation (NasdaqGM:CPST - News), EnerNOC, Inc. (NasdaqGM:ENOC - News), Hoku Scientific, Inc. (NasdaqGM:HOKU - News), LDK Solar Co., Ltd. (NYSE:LDK - News), Metabolix, Inc. (NasdaqGM:MBLX - News), Nova Biosource Fuels, Inc. (AMEX:NBF - News), Power Integrations, Inc. (Nasdaq:POWI), Vicor Corporation (NasdaqGS:VICR - News), Verenium Corporation (NasdaqGM:VRNM - News), and Yingli Green Energy Holding Company Limited (NYSE:YGE - News).
``The semi-annual reconstitution of the NASDAQ Clean Edge indexes ensures true representation of the leading corporate innovators in the clean-energy sector,'' said NASDAQ Executive Vice President John L. Jacobs. ``The reconstitution of these indexes is an objective process that culminates in the formation of a select group of high-technology companies that are among the most forward thinking in the world.''
According to Clean Edge, Inc., a leading clean-tech research and publishing firm, the clean energy sector has experienced considerable growth since the launch of the initial NASDAQ Clean Edge U.S. Index. When the first index was introduced in May 2006, there were 47 companies in the index with a combined market capitalization of $55 billion. As a result of this reconstitution, the index will be composed of 53 companies with a combined market capitalization of $78 billion as of August 31, 2007. Recent additions to the Indexes include U.S.-listed companies involved in smart-grid developments, solar PV manufacturing, biofuels and biomaterials production, and advanced batteries -- representing some of the highest growth areas of the overall energy sector.
``Our recent index performance reflects strong market conditions for the domestic clean-energy sector and our unique benchmark approach,'' explains Ron Pernick, Co-Founder and Principal of Clean Edge and co-author of The Clean-Tech Revolution, published by Collins in June 2007. ``Our indexes are based on stringent quantitative and qualitative criteria and supported by the research teams of Clean Edge and NASDAQ.''
The NASDAQ Clean Edge U.S. Liquid Series Index and the NASDAQ Clean Edge U.S. Index have returned 27.4% and 21.6%, respectively, year-to-date as of September 14, 2007. During the same period, the Wilderhill Clean Energy Index(r) has returned 21.6%, the Russell 2000(r)Index 0.5%, and the NASDAQ Composite Index 7.7%.
The NASDAQ Clean Edge U.S. Liquid Series Index is the basis for the First Trust NASDAQ Clean Edge U.S. Liquid Series Index Fund (NasdaqGM:QCLN - News), which seeks investment results that correspond generally to the price and yield of the NASDAQ Clean Edge U.S. Liquid Series Index before fees and expenses. For more information about the fund, visit http://www.ftportfolios.com/retail/productsearch.aspx.
The Indexes are designed to track the performance of clean-energy companies that are publicly traded in the U.S. The Indexes include companies engaged in the manufacturing, development, distribution, and installation of emerging clean-energy technologies such as solar photovoltaics, biofuels and advanced batteries. The five major sub-sectors that the indexes cover are Renewable Electricity Generation, Renewable Fuels, Energy Storage & Conversion, Energy Intelligence and Advanced Energy-Related Materials.
The securities must also meet other eligibility criteria which include minimum requirements for market value, average daily share volume, and price. The Indexes are evaluated on a semi-annual basis in March and September. For more information about the NASDAQ Clean Edge U.S. Index and the NASDAQ Clean Edge U.S. Liquid Series Index, including detailed eligibility criteria, visit http://nasdaq.com/indexes.
As a result of the evaluation, Solarfun Power Holdings Co., Ltd. (NasdaqGM:SOLF - News) and Valence Technology, Inc. (NYSE:VLNC) will be removed from the Index.
NASDAQ Financial Products (NFP) is engaged in the design, development, calculation, licensing, and marketing of NASDAQ indexes. NFP specializes in the development of indexes focusing on NASDAQ's brand themes of innovation, technology, growth, and globalization. More than 500 financial products sold in 36 countries are based on NASDAQ indexes. NFP also provides custom index services and design solutions as a third-party provider to selected financial organizations.
NASDAQ is the largest U.S. equities exchange. With approximately 3,100 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks as well as a leading liquidity pool for trading NYSE-listed stocks. For more information about NASDAQ, visit the NASDAQ Web site at http://www.nasdaq.com or the NASDAQ Newsroom at http://www.nasdaq.com/newsroom/.
About Clean Edge
Clean Edge, Inc., with offices in Oakland, Calif. and Portland, Ore., is a leading research and publishing firm that helps companies, investors, and policymakers understand and profit from clean technologies. Through its research and reports, conferences and events, online publications, and strategic consulting services, Clean Edge tracks and analyzes clean-tech markets, trends, and opportunities. Launched in 2001 by environmental and high-tech business pioneers Ron Pernick and Joel Makower, Clean Edge and its network of partners and affiliates offer unparalleled insight and intelligence. For more information, visit http://www.cleanedge.com .
The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about the NASDAQ Clean Edge U.S. Indexes. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ's control. These factors include, but are not limited to factors detailed in NASDAQ's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.
Contact: The Nasdaq Stock Market, Inc. Media Contact: Wayne Lee 301-978-4875 Wayne.D.Lee@Nasdaq.com Issuer and Investor Contact: Lisa Chaney 301-978-8281 Lisa.Chaney@Nasdaq.com
Clean Edge, Inc. Media Contact: Ron Pernick 503-493-8681 email@example.com
-------------------------------------------------- Source: The Nasdaq Stock Market, Inc.
Capstone Signs New Distributor Agreement for the Oil and Gas Sector in China While Attending US Clean Energy Trade Mission Thursday January 17, 5:00 am ET
CHATSWORTH, Calif.--(BUSINESS WIRE)--Capstone Turbine Corporation (www.microturbine.com) (NASDAQ:CPST - News), the world?s leading clean technology manufacturer of microturbine energy systems, today announced the signing of a new Distributor agreement with Shanghai Tech-Steel Petroleum & Natural Gas Technology Development Co. Ltd (?STS?) for the oil and gas sector in China. ADVERTISEMENT
Founded in April, 2007, STS is a company dedicated to the oil & gas industry including coal-bed methane and coal mine methane. The predecessor of STS was Shanghai ChangQing Petrol-Chemical Material & Equipment Co., Ltd., which was part of the Chinese Government?s Changqing Petroleum Exploration Bureau, the largest natural gas producing base in China.
?STS has a proven track record in working with the major players in oil and gas in China including China National Petroleum Company, SINOPEC and China National Offshore Oil Company,? said Jim Crouse, Executive Vice President, Sales & Marketing. ?STS has significant experience in the oil and gas sector in China and has developed numerous projects with Waukesha natural gas engines,? added Crouse.
?STS has five offices in mainland China and more than 20 representative agents to help maintain the well-established relationship with a variety of oilfield design institutes, such as Liaohe, Shengli, Changqing. STS has built a sound reputation in China,? said Simon Xu, Capstone?s Sales Manager for the greater China market.
?Customer satisfaction is the primary measure of our success. We are focused on providing state of the art low emission products with excellent overall energy efficiency and utilization which are key requirements of the Oil & Gas market in China,? said Rudolf Lee, General Manager, Shanghai Tech-Steel Petroleum & Natural Gas Technology Development Company.
?Capstone Turbine Corporation's leadership in providing a clean and green microturbine solution for the oil and gas industry and its continuing commitment to develop quality products makes them an ideal partner for us. We are looking forward to a long-term successful cooperative relationship between our two companies,? added Lee.
?We finalized this Distribution agreement with STS during our visit to China for last week?s U.S. Clean-Energy Trade Mission,? said Darren Jamison, President and Chief Executive Officer of Capstone Turbine Corporation.
The U.S. Clean-Energy Trade Mission to China and India is being attended by eighteen U.S. companies led by Assistant Secretary of Commerce David Bohigian and recently visited Beijing, Guangzhou and Hong Kong to meet with potential Chinese partners, agents, distributors, licensees, and retailers in the clean energy sectors.
According to the Export Assistance Center of West Virginia, a branch of the U.S. Department of Commerce, China aims to double the country's renewable energy supply by 2020. The Chinese Government would like to increase renewable energy to 10 percent of the country's electricity consumption by 2020. In 2005 alone, China invested $7 billion in renewable energy capacity.
In addition, the Export Assistance Center indicates that India has set a goal of electrifying 18,000 remote villages and meeting 10 percent of its energy demand with clean energy by 2012. The Indian market for clean energy is estimated at $600 million with an annual growth rate of 25 percent. The current 8,000 MW of installed capacity is expected to reach 20,000 MW by 2012.
?Clean energy technologies are moving to the forefront of energy infrastructure investments in China and India and these two huge economies are now seeking to diversify energy sources while reducing carbon emissions in the context of sustained economic growth,? said Jamison. ?Clean energy investments in both China and India will be enormous over the next 10 years, so now is the time for Capstone Turbine to intensify its efforts into these developing markets,? added Jamison.
About Capstone Turbine
Capstone Turbine Corporation (www.microturbine.com; NASDAQ:CPST) is the world's leading producer of low-emission microturbine systems, and was the first to market commercially viable microturbine energy products. Capstone Turbine has shipped over 4,000 Capstone MicroTurbine® systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone Turbine is a member of the U.S. Environmental Protection Agency?s Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation?s energy infrastructure and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO 9001:2000 certified company; Capstone Turbine is headquartered in the Los Angeles area with sales and/or service centers in New York, Mexico City, Milan, Nottingham, Shanghai and Tokyo.
?Capstone Turbine Corporation? and ?Capstone MicroTurbine? are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
This press release contains "forward-looking statements," as that term is used in the federal securities laws, about new sales opportunities for Capstone in China and India, the environmental advantages of our products and a successful long-term relationship between Capstone and STS. Forward-looking statements may be identified by words such as "expects," "objective," "intend," "targeted," "plan" and similar phrases. These forward-looking statements are subject to numerous assumptions, risks and uncertainties described in Capstone's filings with the Securities and Exchange Commission that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
Contact: Capstone Turbine Corporation Alice Barsoomian, 818-407-3628
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