Vergent Expands CHP Market in Canada with Major Canadian Real Estate Investment Trust
VAN NUYS, Calif., Jan. 24, 2018 (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 secured its initial order from a major Canadian real estate investment trust (REIT).
Vergent Power Solutions, Capstone’s exclusive distributor for the Upper Midwest, New England and Eastern Canada, secured the order for the 260 kilowatt (kW) combined heat and power (CHP) system, which will help provide backup capacity for the large residential tower.
“Our CHP experience in New York and other key markets suggests that penetrating the local area REITs is an essential first step in opening a new CHP market, as large REITs tend to be very high profile industry thought leaders,” said Darren Jamison, President and Chief Executive Officer of Capstone. “Ontario is Canada’s most populous province accounting for nearly 40 percent of the country’s population and is the second-largest province in the total area, so it is a critical CHP market for Capstone. We are very happy with the performance of Vergent Power’s initial CHP projects,” added Mr. Jamison.
Vergent Power is working with its strategic partner Whitby Hydro Energy Services to develop follow-on orders for other large multi-tenant buildings and REITs throughout the Toronto area. Additionally, Vergent Power is seeing increased interest in CHP products in the Ontario market, with rising electric rates and low-priced natural gas fueling interest in the energy saving technology.
Microturbines also have a minimal impact on the environment, making them the ideal candidate for distributed generation projects in Canada, which has very strict emissions regulations. Additionally, Ontario is very progressive in offering an incentive for installing efficient CHP systems, which we believe is further creating new demand for Capstone’s innovative microturbine technology.
“The Capstone microturbine is an ideal fit for multi-unit residential applications in cold weather climates,” said Justin Rathke, Vergent Power’s President. “This is already our fourth Capstone CHP system to be installed in an apartment or condominium building in the Toronto area because building owners are looking for energy savings and resiliency. The Capstone product is compact and quiet, which allows for simple installation into existing urban buildings, plus the auto-transfer capability allows building owners to immediately power and heat their buildings if the grid fails,” stated Mr. Rathke.
Source: Capstone Turbine Corporation
Released January 24, 2018