Capstone Green Energy Inc. (NASDAQ: CGRN) stock gained by 6% at the last close whereas the CGRN stock price declines by 0.21% in the after-hours trading session. Capstone Green Energy is a major provider of tailored microgrid solutions and on-site power technology systems, assisting customers all over the world in achieving their environmental, energy efficiency, and resiliency objectives.
CGRN stock’ Recent Development
Capstone Green Energy Corporation reported that Vergent Power Solutions, the company’s North American distributor, has secured a deal to provide a one-megawatt Combined Heat and Power (CHP) microturbine for a big greenhouse expansion in Ontario, Canada.
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The farm’s 100-acre indoor greenhouse growth will be powered by the new off-grid system, which uses Capstone’s C1000S. In a standalone microgrid, the system will use inverter-based electronics to synchronise with a solar photovoltaic array. Capstone microturbines should give the location near-complete availability, allowing for smooth greenhouse operations. Furthermore, the system will be developed to use the waste heat from the microturbines to produce hot water as well as clean carbon dioxide for the greenhouse. The system is supposed to be ready for activation in spring 2022, with a total system energy efficiency of close to 90%.
Justin Rathke, President of Vergent Power Solutions stated,
As the greenhouse sector in Ontario has grown, its power needs have outgrown the capacity of the local electric companies. As a result, several greenhouses have gone off-grid and are relying on CHP as their primary source of electricity. Capstone was selected by the customer because of its high uptime, easy maintenance, redundant bay design, and low emissions.
Darren Jamison, President, and CEO of CGRN stock commented,
Farming techniques are changing in new and interesting ways, and energy methods must change to keep up. Capstone solutions provide the power reliability and energy efficiency that indoor farming enterprises demand, resulting in a higher return on investment. Simultaneously, these systems reduce their carbon impact, which is vital for a sector that relies on a healthy environment.