Company Announcements

Supported by 90% Project Funding from DOE and ITC, Janesville Leverages Proven Capstone Reliability to Upgrade Energy Infrastructure

LOS ANGELES--(BUSINESS WIRE)--May 15, 2025-- Capstone Green Energy Holdings, Inc. (the "Company” or “Capstone”) (PINK: CGEH) and Capstone Green Energy, LLC., announced that Vergent Power, Capstone’s distributor for the Upper Midwest, New England, and Eastern Canada, has secured a follow-on order for the City of Janesville, Wisconsin, as they enhance their wastewater treatment facility with new Capstone microturbines. A long-time customer, the City of Janesville has been running Capstone microturbines since 2010 and recently purchased two additional C65 microturbines, one C200S microturbine, and a Vergent controller.

Two C65 microturbines from the original 2010 installation are still in operation. The follow-on project includes the commissioning of a C200 microturbine in November 2024, as well as the recent commissioning of two C65 microturbines in April 2025. These follow-on orders increase the facility's total on-site generation capacity to 460 kW.

The decision to expand their Capstone microturbine system was driven by Janesville’s positive experience with the reliability and performance of Capstone’s technology. The availability of substantial financial incentives, including the federal Investment Tax Credit (ITC) and a Department of Energy (DOE) ITAC grant, which covered 90% of project costs, helped to further reinforce the City’s commitment to upgrading its energy infrastructure using Capstone solutions.

“Our facility is operating a new microturbine at a fraction of the cost,” said David Botts, P.E., Utility Director for the City of Janesville. “Vergent has been excellent at handling the upgrade for us, with minimal involvement from our team. Having access to so many external funding programs allows us the ability to lower our carbon footprint on a sustainable basis for our community. The process could not have been more seamless. All wastewater treatment facilities should explore similar opportunities to improve their efficiency, all while reducing costs.”

The new microturbines will operate in a combined heat and power (CHP) application, utilizing digester gas as the fuel. The system will supply electricity to support wastewater facility operations. The waste heat from the microturbines is captured and converted into useful thermal energy for the facility's anaerobic digesters. This efficient and sustainable approach reduces greenhouse gas emissions while significantly lowering operational costs.

“Capstone is honored to continue our collaborative, long-standing relationship with the City of Janesville,” said Vince Canino, President and CEO of Capstone Green Energy. “This project demonstrates the repeatable business model that our Microturbine CHP systems can provide. Our ability to run reliably on digester gas is a great example of recycling a waste stream into a set of useful products that help reduce costs and improve the environment. It is truly exciting to provide enhanced sustainability solutions for municipal facilities like the City of Janesville. This is an excellent model of how wastewater treatment plants can take advantage of their waste streams by leveraging innovative energy solutions that benefit their communities.”

Capstone’s advanced microturbine technology, coupled with Vergent’s expertise in project development and management, allows the City of Janesville to continue its leadership in adopting energy-efficient, clean technology that benefits both the environment and its taxpayers.

About Capstone Green Energy

For almost four decades, Capstone Green Energy has been at the forefront of clean technology using microturbines, revolutionizing how businesses manage their energy supply on a sustainable basis. In partnership with our worldwide team of dedicated distributors, we have shipped over 10,000 units to 83 countries, lowering our clients’ carbon footprint with highly efficient on-site energy systems and microgrid solutions.

Today, our commitment to a cleaner future is unwavering. We offer customers a range of microturbine products ranging from 65kW to multiple MW’s for the commercial, industrial, and utility-scale spaces uniquely tailored to their specific needs. Capstone's solutions portfolio not only showcases our core clean technology microturbines but also includes flexible Energy-as-a-Service (EaaS) offerings, including build, own, and operate models, as well as rental services.

Capstone’s fast, turnkey power rental solutions are intended to address customers with limited capital or short-term needs; for more information, contact rentals@CGRNenergy.com.

In our pursuit of cutting-edge solutions, we've forged strategic partnerships to extend our impact. Through these collaborations, we proudly offer solutions that utilize renewable gas products and heat recovery solutions. These solutions greatly enhance the sustainability and efficiency of our client's operations while contributing to a cleaner and more responsible sustainable energy landscape.

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

Cautionary Notes

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. 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 Company’s liquidity position and ability to access capital; the Company’s ability to continue as a going concern; the Company’s ability to successfully remediate the material weaknesses in internal control over financial reporting; the Company’s ability to realize the anticipated benefits of its financial restructuring; the Company’s ability to comply with the restrictions imposed by covenants contained in the exit financing and the new subsidiary limited liability company agreement; the Company’s ability to retain senior management and other key personnel; 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 impact of litigation and regulatory proceedings; inquiries from the SEC; the potential material adverse effect on the price of the Company’s common stock and stockholder lawsuits. 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 risk factors contained in our most recent Annual Report on Form 10-K. 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.

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Capstone Green Energy
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Source: Capstone Green Energy Holdings, Inc.