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Capstone Turbine Corporation

Capstone Turbine and Green Energy Sustainable Solutions to promote renewable energy at the Indianapolis 500

Both companies also will sponsor the #88 Honda-powered Indy car

biofuel
The #88 Honda-powered Indy car driven by 19-year-old rookie phenom Colton Herta

Capstone Turbine Corporation (NASDAQ:CPST) announced Thursday it will champion the promise of renewable energy at the 103rd Indianapolis 500 later this month.  

Capstone is partnering with biogas producer Green Energy Sustainable Solutions Inc of North Carolina to foster awareness of biogas and renewable natural gas as the fuel of the future. The iconic race will be held May 26.

The announcement of the joint-marketing agreement comes on the heels of another deal Capstone just inked on Tuesday with Green Energy, which will buy 12 Signature Series microturbines to generate at least 9.6 megawatts of power, complete with Capstone’s proprietary roof-mounted heat recovery modules as well as Capstone’s PowerSync control platform.

The deal is worth $13 million.

Read: Capstone Turbine inks biggest microturbine order in more than four years with US-based renewable energy company

Both companies will team-up with Harding Steinbrenner Racing in a multi-race sponsorship of the #88 Honda-powered Indy car. Capstone and Green Energy will sponsor the #88 Honda-powered Indy car at the Indy 500 and a variety of other races throughout the remainder of the 2019 IndyCar Series season.

IndyCar reaches an audience of approximately 160 million people around the globe, according to a statement.

Capstone said it and Green Energy are eager to grow their brands together in the IndyCar Series with 19-year-old rookie phenom Colton Herta as well as Harding Steinbrenner Racing in an effort to increase awareness of biogas and renewable natural gas as a critical part of the new green economy and to help combat the effects of climate change caused by global warming.

Green Energy deal biggest order in four years

For Capstone, based in Van Nuys, California, its turbine agreement with Green Energy is the company’s largest order in the growing renewable energy market -- in addition to being its biggest order in four years.

Green Energy’s initial biogas projects will be developed in six US locations in Idaho, Missouri and North Carolina. Green Energy plans to build out more than 20 projects over three years. And if those projects are successful, Capstone said Green Energy would purchase a total of $53 million of Capstone’s product.

Green Energy, based in Raleigh, makes bio-gas from pig manure, cow manure, and agricultural green waste. The bio-gas is compressed and cleaned before being injected into natural gas pipelines to create renewable natural gas.

“We are very excited at this partnership opportunity as we look to further the awareness of our shared core values to bring about continued positive benefits to the environmental well-being of our planet,” said Capstone CEO Darren Jamison. “If you like saving money, would like to save the planet, or don’t like being left in the dark for prolonged periods of time, you should consider Capstone’s innovative, clean and green microturbine products."

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Quick facts: Capstone Turbine Corporation

Price: $0.66

Market: NASDAQ
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