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Energy
Business Description
Capstone Green Energy Holdings, Inc. (OTCQX: CGEH), headquartered in Van Nuys, California, designs and manufactures oil-free microturbine power systems ranging from 65 kW to multi-megawatt capacity for commercial, industrial, and utility customers across on-grid, off-grid, and hybrid microgrid applications, tracing its origins to the 1988 incorporation of predecessor Capstone Turbine Corporation.
The company's core product line includes the C800S (800 kW) and C1000S (1 MW high-pressure natural gas unit), with systems engineered to operate on natural gas, renewable biogas, field waste gas, and hydrogen blends without lubrication oil. Cumulative shipments have reached more than 10,600 units delivered to 88 countries, accumulating over 60 million field operating hours. The Energy-as-a-Service (EaaS) segment extends the hardware business through build-own-transfer models, power purchase agreements, lease-to-own structures, and short-term rentals, backed by a 24/7 global distributor aftermarket network.
Capstone has pursued the Bitcoin mining and blockchain data center market through its distributor channel since 2021. Distributor Lone Star Power Solutions placed a C1000S rental at a remote Louisiana blockchain and cryptocurrency mining facility in October 2021, adding a follow-on unit in February 2022. Distributor E-Finity Distributed Generation executed a 3 MW EaaS contract for a remote cryptocurrency mining data center in March 2022, then signed two additional 36-month EaaS contracts totaling 6 MW by June 2022. In December 2022, Lone Star Power Solutions commissioned an 800 kW C800S rental at a West Texas cryptocurrency mining operation on an oil-and-gas well site, where the customer used on-site production waste gas as fuel in place of a failing reciprocating engine.
In October 2025, Capstone and Microgrids 4 AI, Inc. (MG4AI) announced an 800 VDC microturbine-plus-compute package targeting AI infrastructure, following a Memorandum of Understanding signed in September 2025. The integrated AI Power Blocks pair Capstone's 800 VDC microturbines with MG4AI's modular liquid-cooled data center kits, delivering up to 1 MW per rack. The architecture eliminates multiple AC/DC conversion stages, reduces copper mass by up to 45%, and improves power efficiency by up to 5% over legacy 54V systems. The product is designed to interface with NVIDIA's forthcoming Kyber and Rubin Ultra GPU platforms and is engineered to scale from edge deployments under 20 MW to giga-campus buildouts exceeding 1 GW.
Capstone completed a prepackaged Chapter 11 restructuring on December 7, 2023, reducing pre-petition debt from more than $56 million to $25 million and securing $7 million in new money financing. The reorganized Capstone Green Energy Holdings, Inc. began trading under ticker CGEH on the OTC Pink market in January 2025 before advancing to the OTCQX Best Market. Nine-month revenue through December 31, 2025 reached $83 million, up 42% year-over-year, with first-half fiscal 2026 growth of 47% over the prior-year comparable period, driven by product demand and higher EaaS rental utilization. Robert Flexon serves as Chairman and Interim CEO; John Juric as CFO.
