Capstone Energy Plus, Inc.

Capstone Energy+, Inc.

Overview

• Provider of behind-the-meter clean energy solutions for industrial and commercial operations, including AI/data center applications.
• Core technology: oil-free, friction-free microturbine power generation with an inverter-based architecture, designed for on-site power with heat and/or cooling recovery and microgrid capability.
• Focus on modular, plug-and-play systems with scalable configurations and flexible Energy-as-a-Service (EaaS) offerings (PPAs/ESAs, leases, rentals, long-term service agreements).

Key capabilities and technologies

• Four design pillars:
  • Advanced combustion technology with ultra-low emissions
  • Proprietary air bearing technology (oil-free, low maintenance)
  • Digital power electronics for speed, fuel, load and grid coordination
  • Proprietary remote monitoring software
• On-site power configurations:
  • CHP (Combined Heat and Power), ICHP (Integrated CHP), and CCHP (Combined Cooling, Heat and Power)
  • Microgrid capability integrating renewables, storage, and other resources
• Fuel flexibility: natural gas, biogas, landfill gas, wastewater methane, sour gas, low-BTU gas, and hydrogen blends (up to 30% hydrogen in some configurations)
• 800 VDC-driven AI/data center block technology (announced Oct 2025) to interface with next-gen AI hardware and reduce conversion losses
• ESP (Energy Surplus Program): integrated design combining microturbines, absorption chillers, dry coolers, BESS, and microgrid controls for AI/data center power needs

Products and roadmap

• Product line: C65, C200, C400, C600, C800, C1000S (all UL-listed; UL 2200 listed). C200 and C1000 families certified to UL1741 SB and IEEE 1547 in North America as of FY2026.
• New/advanced offerings:
  • C250 (250 kW module in development)
  • 800 VDC AI Power Blocks (integrated power, liquid cooling, and compute for data centers)
• Accessories and ancillary products: rotary gas compressors, integrated heat recovery modules (HRMs), dual-mode controllers, batteries (stand-alone and dual-mode), protocol converters, installation hardware
• Data center-specific benefits: high density, low emissions, high reliability; heat recovery enabling chilled water at approximately one-tenth the energy of electric chillers; native 760 VDC output supporting 800 VDC data-center architectures

Markets and applications

• Primary markets: data centers, hospitals, agriculture, industrial facilities (critical power and reliability needs)
• Natural resources: oil and gas (onshore/offshore), flare gas/associated gas, sour gas; supports diverse fuel streams
• Renewable energy and microgrids: integrates with solar PV, wind, and battery storage
• Bridge power for grid-constrained sites (data centers, manufacturing, EV charging)
• EV charging and ports/marine terminals: containerized, transportable power and charging at point of use
• AI/data center sector positioned as a long-term growth opportunity

Global footprint and market strategy

• Units shipped: over 10,800 units totaling approximately 1.18 GW
• Installed in 89 countries
• Geographic coverage: United States & Canada; Latin America; Asia & Australia; Middle East & Africa; Europe
• Go-to-market:
  • Direct sales, including expanded presence in the U.S. West following the Capstone West Territory acquisition (Cal Microturbine) in Aug 2025
  • Global distributor network and OEM partnerships
  • Distributor Support System (DSS) brought in-house via acquisition in 2026 to centralize distributor training, marketing, and support
  • Energy-as-a-Service suite: rental, BOOM, PPAs/ESAs, lease-to-own, embedded service agreements

Customers and concentration

• Revenue is concentrated with a small base of distributors and large customers
• Top customers (Fiscal 2026) accounted for:
  • E-Finity: ~17%
  • Cal Microturbine: ~16%
  • DTC Soluciones SA de CV: ~13%
  • Lone Star Power Solutions: ~10%
• Remaining revenue from additional distributors and customers

Operations and infrastructure

• Headquarters and primary production: Van Nuys, California (approx. 79,000 sq ft; capable of >1 GW/year on three shifts)
• European remanufacturing and parts: Integrated Remanufacturing Facility in Gosport, United Kingdom (≈9,668 sq ft)
• R&D: Fiscal 2026 R&D expense $3.6 million (about 3% of revenue); Fiscal 2025 R&D expense $2.7 million (about 3% of revenue)
• Research partnerships: Argonne National Laboratory; UC Irvine (hydrogen and fuel-flexible combustion work)

Financial snapshot

• Revenue estimates based on reported R&D ratios:
  • Fiscal 2026 estimated revenue ≈ $120 million (R&D $3.6 million ≈ 3%)
  • Fiscal 2025 estimated revenue ≈ $90 million (R&D $2.7 million ≈ 3%)
• Employees: 115 full-time as of March 31, 2026; 100 full-time as of March 31, 2025; 1 part-time
• Debt and liquidity:
  • Exit Notes outstanding: $25.3 million as of 3/31/2026, including accrued interest
  • Maturity: December 7, 2026
  • Security: Exit Notes secured by a lien on substantially all assets of the Operating Subsidiary and guarantors
  • Additional facility: $10 million uncommitted incremental facility available
  • Interest: floating rate at SOFR + 7% (Adjust SOFR)
• Corporate reorganization: emerged from Chapter 11 (Dec 7, 2023); Final Decree issued June 13, 2025; acquired Capstone Distributor Support Services Corporation (CDSSC) assets and liabilities effective March 31, 2026 to bring the DSS program in-house

Stock and corporate structure

• Public listing: common stock trades on OTCQX under the symbol CGEH
• Capstone Energy+ is the publicly traded successor to Capstone Green Energy Holdings, Inc.; the company reorganized and completed name changes as part of Chapter 11 proceedings
• Recent corporate actions include the Capstone West Territory acquisition and the CDSSC acquisition

What the company does

• Designs, manufactures, and sells modular, oil-free, low-emission microturbine power systems with heat and cooling recovery options (CHP/CCHP) and integrated microgrid capabilities
• Provides on-site, dispatchable power for critical loads in data centers, hospitals, industrial facilities, and resource-intensive operations
• Supports a range of fuels (natural gas, biogas, flare gas, hydrogen blends) and is developing hydrogen-ready configurations
• Sells through direct channels, a broad distributor network, and OEM partnerships, and offers EaaS options (rental, PPAs/ESAs, lease-to-own, long-term service agreements)
• Developing AI/data-center architectures (800 VDC, AI Power Blocks) and ESP-based packaged solutions to support high-density compute workloads while improving energy efficiency and reducing emissions
• Maintains a global footprint with production in California, remanufacturing in the U.K., and service support across 89 countries