Capstone Green Energy Corp's (NASDAQ: CGRN) Alaska distributor Artic Energy has secured a new 12-month Energy-as-a-Service (EaaS) rental contract with a local oil and gas company headquartered in Anchorage. Financial terms were not disclosed.
The oil exploration company, which has established a dominant acreage position on the North Slope, looks to reduce its environmental impact.
Capstone's EaaS business provides a lower cost and carbon footprint for on-site energy systems in energy-intense businesses like oil and gas, hospitality, commercial, industrial, cannabis, and bitcoin mining.
Capstone helps customers manage capital costs and meet their environmental impact targets. It recently turned to a "re-rent" strategy to keep up with demand.
"Capstone is seeing strong customer demand across industries for its EaaS long-term rental services, which had 7 MW under contract in March 2021, 26 MW under contract in March 2022, and today contracts in excess of 35 MW, representing nearly 37% growth in one quarter alone," said CEO Darren Jamison.
Price Action: CGRN shares are trading higher by 5.3% at $1.68 on the last check Monday.
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