Capstone gets $5 million in supplier settlement
By Mike Brezonick22 February 2021
Capstone Turbine Corp. announced that it has reached a financial settlement in the amount of $5 million arising out of claims pursued in confidential arbitration with a former strategic parts supplier. Capstone said it obtained the settlement following a multi-year arbitration process with the former parts supplier. The settlement proceeds will provide Capstone with additional resources to continue to improve customer system reliability and performance of some of its fielded C200/C1000 microturbine products.
“This settlement is a positive result for Capstone, and we are proud of the team effort involved in reaching this resolution in an otherwise highly technical and expert-driven case,” stated Darren Jamison, president and chief executive officer of Capstone Turbine Corp. “Having this case settled not only lets us increase our focus on our core business but also provides the required financial resources necessary to put the issue fully behind us.”