Capstone Turbine Corp. has changed its name to Capstone Green Energy Corp. to better reflect its mission of carbon reduction and manufacturing green energy products.

Chief Executive Darren Jamison said that the company has shipped more than 10,000 microturbine units around the world and saved customers $217 million in annual energy costs during fiscal year 2021, which ended on March 31.


“Capstone Green Energy will help customers build and maintain smart energy infrastructure and engage with them as a long-term service provider and partner for their critical carbon-saving initiatives,” Jamison said in a statement.


The renamed company will execute its growth strategy through four business lines – energy as a service. energy conversion products, energy storage products and hydrogen products.


Capstone will introduce this quarter a new hybrid energy product that combines modular energy stations with lithium-ion battery storage systems.


Also, the company is in the process of demonstrating its microturbines can run on hydrogen. It is currently testing a 70 percent hydrogen – 30 percent natural gas mix through an R&D partnership with Argonne National Laboratory in Illinois.


Shares of Capstone (CPST) closed up 3 cents on Thursday, or a fraction of a percent, to $7.48 on the Nasdaq, on a day when that market closed down almost 1 percent.