CHATSWORTH, Calif., Nov. 08, 2016 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that it has partnered with Acresis to put together a potentially $100 million dollar product-financing program for Capstone qualified distribution partners to provide much needed working capital and growth capital.
Acresis is a full service firm dedicated to helping founders and owners realize their goals of growth, liquidity and wealth. They assist their clients in achieving their goals through strategy development and execution, detailed planning to achieve sustainable accelerated growth, and securing the necessary funding to support that growth. They lead their clients through successful liquidity events, such as mergers, acquisitions, roll-ups, sale of the company, or capital infusions and prepare the founder or owner for the subsequent wealth that is created. With an exclusive network of over 400 mid-market private equity firms, family offices and numerous long-term lender relationships for their client’s debt related needs, they are uniquely positioned to deliver results.
RSP Systems, Capstone’s distributor in the greater New York area and Connecticut, with support from Acresis, secured an initial $3 million credit facility based on current sales of Capstone products to quality end use New York area customers.
“Working with RSP Systems on securing this $3 million product financing facility was a pleasure. We look forward to partnering with Capstone to roll out this financing program to all qualified Capstone distributors. It is an excellent opportunity for the distributors to grow their revenue and expand their business with Capstone,” said Michael Edwards, Acresis’ Operating Partner based in The Woodlands, Texas.
RSP Systems was selected by Capstone as the pilot distributor for this new product-financing program with Acresis as they are in one of the largest and fastest growing combined heat and power (CHP) markets in the world with solid energy efficiency incentives, low cost natural gas and high electric utility rates.
“The CHP market in New York continues to expand from hotels and hospitals to industrial customers and mixed use properties,” said Cory Glick, President and Co-Founder of RSP Systems. “This new financing program is critical as we continue to expand and grow our Capstone business from historic levels,” added Mr. Glick.
Capstone, as part of its new focus on the energy efficiency or CHP market, has commenced several initiatives to help spur the growth of this market that is now more than 60% of the company’s business. Capstone recently announced a new Signature Series product line with integrated heat recovery modules and a partnership with Sky Solar (Sky Group) for $50 million in additional project capital (and an option for up to $100 million) for the second phase of Capstone Energy Finance Joint Venture (CEF), which was launched last December and currently has a pipeline of $25 million in well-qualified projects.
“Acresis has successfully developed a solution that I believe will afford several of our distributors access to low cost growth capital based upon Capstone products and solid credit ratings of our valued end use customers,” said Darren Jamison, President and Chief Executive Officer at Capstone. “This is not only good for our distribution partners but it is also an opportunity to meaningfully improve Capstone’s cash cycle,” added Mr. Jamison.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.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 has shipped approximately 8,800 Capstone Microturbine systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone 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 9001:2015 and ISO 14001:2015 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the United States, Latin America, Europe, Middle East, China and Singapore.
This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the advantages of our CHP applications, expansion of the CHP market, the adoption of a product-financing program and the ability to grow revenue and expand the Capstone business. 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.
"Capstone" and "Capstone Microturbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
CONTACT: Capstone Turbine Corporation Investor and investment inquiries: 818-407-3628 firstname.lastname@example.org INVESTORS: Dian Griesel Int’l Cheryl Schneider 212-825-3210