Capstone Turbine Subsidiary Formed to Serve Electricity Needs of California Businesses

Company's new subsidiary to open offices in other California cities.

Published: 21-Feb-2001

CHATSWORTH, Calif.--(BUSINESS WIRE)--Feb. 20, 2001--Capstone Turbine Corp. (www.microturbine.com) (Nasdaq:CPST) has formed a wholly owned subsidiary, Capstone California, to directly serve the electricity needs of California businesses.

"The energy crisis gripping California provides a unique opportunity to establish distributed generation as an immediate, viable and significant new source of electricity that doesn't require a compromise on the environmental side," said Capstone California's newly appointed president, Mike Tingus. "The Capstone MicroTurbine is among the world's cleanest fossil-fueled power generation technologies.

"Beyond the environmental benefits, the Capstone MicroTurbine allows businesses to control their cost and supply of electricity while reducing the load on California's overtaxed grid system," said Tingus.

Capstone California intends to make available turnkey microturbine-based energy solutions to business and public facilities throughout California. Unlike today's backup generators that are generally limited to 200 hours or less of operation a year, Capstone MicroTurbines can be operated around the clock, every day of the year.

"The Capstone MicroTurbine completely changes the model of onsite power generation. It provides end-users with reliable, quality power and protects them from the price volatility and uncertainty of grid-supplied power," Tingus said.

Tingus noted that Capstone California already has several proposals out to interested California businesses and facilities. He also mentioned that Capstone California has been working closely with the California electric utilities and other energy service providers to build alliances with electric engineers and electric contractors.

Speaking on the formation of Capstone California, Capstone Turbine Corp. President & Chief Executive Officer Dr. Ake Almgren said: "Capstone California is an extension of our strong California connection. Since our founding in 1988, Capstone's design philosophy has been to beat California's current and future emission standards.

"Much of our core technology has its roots in the Southern California aerospace and automotive industries. We produce all of our systems right here in Los Angeles County and source most parts and subassemblies from California suppliers.

"An investment in onsite Capstone power production is an investment in California's economy. Capstone MicroTurbines hold the promise to be a significant part of the solution to the California energy crisis," Almgren said.

"Continuing this California tradition, we are very pleased to have Mike Tingus accept our offer to become president of Capstone California. Mike has been a leader in the California commercial real estate market for more than a decade. He also has served in the City of Calabasas Planning Commission for the past six years and has been chairman of the commission for the last two years.

"Mike's background and the high caliber of his team will make Capstone California a true solution provider to California businesses and energy service providers," Almgren said.

With headquarters in the Los Angeles suburb of Woodland Hills, Capstone California plans to open offices in the San Francisco Bay Area, San Jose, Sacramento, Orange County and San Diego.

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