Capstone Turbine (CPST) Announces Signing of Two FPP Contracts Valued at $1.8M
Capstone Turbine Corporation (NASDAQ: CPST) today announced that it has signed two C1000 Factory Protection Plan (FPP) contracts in Europe for renewable clean energy projects. The FPP contracts are valued at approximately $1.8 million over a 15-year period.
The FPP backlog as of May 31, 2009 was approximately $11 million. These latest contracts increase the total FPP backlog to over $17 million as of November 30, 2009, growth of over 60% for the six-month period.
Capstone launched the FPP program approximately two years ago to improve the reliability and service of its microturbine solutions. Typical FPP service contracts vary in length from a minimum of one year to a maximum of 15 years with most FPP contracts covering between five and nine years. Customer payments are generally received quarterly in advance over the term of the FPP.
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