Capstone Green Energy Holdings, Inc. (OTC: CGEH) is a distributed energy company that designs and manufactures microturbine power generation systems. Revenue comes from product sales of microturbine units and associated parts, with the company targeting multiple vertical markets including energy efficiency, natural resources, renewable energy, critical power supply, microgrid, and transportation applications. The product line includes C65, C200, C600, C800, and C1000S Series microturbines, which run on natural gas, biogas, flare gas, sour gas, and hydrogen blends (commercially available at 30% hydrogen/70% natural gas as of the FY2025 10-K filed June 27, 2025). The company operates with material financial stress, carrying Notes maturing December 7, 2025 and December 7, 2026 secured by substantially all assets, and previously sought bankruptcy protection. Core intellectual property centers on air bearing technology, recuperator design, and advanced combustion systems.

Revenue model

Transactional product sales of microturbine units and components. The company also references a backlog-driven order model, with revenue timing dependent on customer deposits, payments, credit availability, and delivery schedules. An Energy Surplus Program (Capstone ESP) targets data center operators as an additional offering.

Products and services

C65, C200, C600, C800, and C1000S Series microturbines. C65 and C200 digester gas-fueled stand-alone products for the renewable energy segment. DC output power solutions under development for EV charging applications. Hydrogen-blend microturbines commercially available at 30% hydrogen/70% natural gas mix as of FY2025 filing. Programmable logic control systems and sensors for microgrid integration. Capstone Energy Surplus Program (ESP) for data center operators.

Customers and end markets

End markets include oil and gas exploration and production, compression and transmission sites, landfills, wastewater treatment facilities, food processing plants, livestock farms, agricultural green waste operations, microgrids, universities, ski resorts, breweries, industrial farms, electrical distribution utilities, EV fleet charging stations, and data centers. Customers operate in both developed and developing countries, including remote and off-grid locations.

Value-chain role

Original equipment manufacturer of microturbine power generation systems. The company handles product design, core component manufacturing (air bearings, recuperators, power electronics), and system integration. Microturbines are installed at customer sites for on-site distributed power generation, often displacing or supplementing utility grid power.

Geographic exposure

Global, with installations referenced across onshore and offshore oil and gas sites worldwide, microgrid deployments in multiple countries, and renewable energy applications in developing countries and remote locations. Specific revenue by geography is not disclosed in the provided filing excerpts.

Source: SEC 10-K, filed 2025-06-27

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