Capstone Green Energy to Deliver Scalable 2MW Microturbine System for Government-Backed Power Station in Remote Oceania Community
These solutions, which are renewable fuel-ready, integrate seamlessly with other renewable energy systems as well.
Commissioning of the initial 2MW installation is targeted for November 2025. The power station will be located near a natural gas fuel conditioning plant for conversion into LPG that will serve the Asia Pacific region. The project will off-take a portion of the natural gas from this process for the Capstone microturbines. The power generated by this facility will be exported to the local grid, meeting the community's current energy demand of 2MW. As additional residents and businesses connect to the grid over the coming years, the station's capacity is expected to scale up to 5MW.
'Being able to serve the needs of remote, underserved communities is especially meaningful for us,' said Vince Canino, President and CEO of Capstone Green Energy. 'Our ability to operate on alternate fuels in such isolated locations reinforces Capstone's original design philosophy of providing compact and mobile power solutions – visionary thinking that was introduced by Capstone's founders, James Noe and Robin McKay, almost 40 years ago. Our long-standing company culture of daring greatly and iterating towards success is why Capstone's microturbines can provide a much lower carbon footprint on a sustainable basis compared to diesel generators, and we are able to do so while offering unmatched reliability and availability. Even in the most challenging environments, we are able to provide a very attractive total cost of electricity.'
Capstone's modular microturbine design allows the system to easily scale with growing demand, ideal for evolving community needs. With a single-shaft design as the only moving part, plus air bearings that eliminate the need for lubricating oils and coolants, Capstone microturbines require minimal maintenance. This not only creates some of the highest availability factors in the industry, but it also leads to significant cost savings—an essential benefit for any project in remote locations.
This project will also transition the region away from reliance on diesel for power generation. By utilizing refined natural gas instead of diesel, the project will reduce NOx, CO2, and VOC emissions. It will also eliminate particulate matter (PM2.5) emissions all together. Additional benefits that contributed to the selection of Capstone's technology include its quieter operation. Because our microturbines run on a cushion of air, noise is significantly less than that of reciprocating engines which run at substantially higher decibel levels.
'This is yet another project that showcases our commitment to transitioning businesses and communities away from the pollution and messiness of diesel generation. This power station will provide a reliable source of electricity to the local community and significantly reduce greenhouse gas emissions. Energy security will also be enhanced via the use of locally produced gaseous fuel,' said Craig Dugan, CEO of Optimal Group. 'Optimal's territory includes some of the most remote and challenging locations globally. Leveraging Capstone's technological flexibility allows us to deliver intelligently clean solutions at a lower total cost of ownership, with high availability and reliability. These solutions, which are renewable fuel-ready, integrate seamlessly with other renewable energy systems as well. We not only can make an impact today, but we have also designed in the ability to be future proof.'
About Capstone Green Energy
For almost four decades, Capstone Green Energy has been at the forefront of clean technology using microturbines and revolutionizing how businesses manage their energy supply on a sustainable basis. In partnership with our worldwide team of dedicated distributors, we have shipped over 10,000 units to 83 countries, lowering our clients' carbon footprint with highly efficient on-site energy systems and microgrid solutions.
Today, our commitment to a cleaner future is unwavering. We offer customers a range of microturbine products ranging from 65kW to multiple MW's for the commercial, industrial, and utility-scale spaces uniquely tailored to their specific needs. Capstone's solutions portfolio not only showcases our core clean technology microturbines but also includes flexible Energy-as-a-Service (EaaS) offerings, including build, own, and operate models, as well as rental services.
Capstone's fast, turnkey power rental solutions are intended to address customers with limited capital or short-term needs; for more information, contact rentals@CGRNenergy.com.
In our pursuit of cutting-edge solutions, we've forged strategic partnerships to extend our impact. Through these collaborations, we proudly offer solutions that utilize renewable gas products and heat recovery solutions. These solutions greatly enhance the sustainability and efficiency of our client's operations while contributing to a cleaner and more responsible sustainable energy landscape.
For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.
Cautionary Notes
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The Company has tried to identify these forward-looking statements by using words such as 'expect,' 'anticipate,' 'believe,' 'could,' 'should,' 'estimate,' 'intend,' 'may,' 'will,' 'plan,' 'goal' and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the Company's liquidity position and ability to access capital; the Company's ability to continue as a going concern; the Company's ability to successfully remediate the material weaknesses in internal control over financial reporting; the Company's ability to realize the anticipated benefits of its financial restructuring; the Company's ability to comply with the restrictions imposed by covenants contained in the exit financing and the new subsidiary limited liability company agreement; the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policies; employee attrition and the Company's ability to retain senior management and other key personnel; the Company's ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the impact of litigation and regulatory proceedings; inquiries from the SEC; the potential material adverse effect on the price of the Company's common stock and stockholder lawsuits. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the risk factors contained in our most recent Annual Report on Form 10-K. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.
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A reconciliation of these adjustments to the most directly comparable GAAP measure is included in this Earnings Release below. The Company is unable to forecast the comparable US GAAP financial measure for future periods due to, amongst other factors, uncertainty regarding the impact of actuarial estimates on asbestos-related assets and liabilities in future periods. This Earnings Release contains forward-looking statements and information that are subject to risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of James Hardie to be materially different from those expressed or implied in this release, including, among others, the risks and uncertainties set forth in Section 3 "Risk Factors" in James Hardie's Annual Report on Form 20-F for the fiscal year ended March 31, 2025; changes in general economic, political, governmental and business conditions globally and in the countries in which James Hardie does business; changes in interest rates; changes in inflation rates; changes in exchange rates; the level of construction generally; changes in cement demand and prices; changes in raw material and energy prices; changes in business strategy; the AZEK acquisition and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. James Hardie assumes no obligation to update or correct the information contained in this Earnings Release except as required by law. This Earnings Release has been authorized by the James Hardie Board of Directors. 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Expand Free Cash Flow
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Ellington Credit Company Announces Financial Results for the First Fiscal Quarter Ended June 30, 2025
OLD GREENWICH, Conn.--(BUSINESS WIRE)--Ellington Credit Company (NYSE: EARN) ("we") today reported financial results for the quarter ended June 30, 2025. Highlights Net asset value (NAV) per share was $6.12 as of June 30, 2025, which includes the effects of distributions of $0.24 per share for the quarter, as compared to NAV per share of $6.08 as of March 31, 2025. GAAP net income was $10.2 million, or $0.27 per share. Net investment income ("NII") was $6.5 million, or $0.17 per share. Adjusted net investment income 1 was $6.6 million, or $0.18 per share. CLO portfolio grew to $316.9 million as of June 30, 2025, as compared to $249.9 million as of March 31, 2025. CLO debt investments—$148.9 million, as compared to $85.5 million as of March 31, 2025. CLO equity investments—$168.0 million, as compared to $164.4 million as of March 31, 2025. Purchased $90.6 million of CLO investments and sold $15.9 million. Weighted average GAAP yield for the quarter, based on amortized cost, of 15.6% on the total CLO portfolio. Received $15.9 million in recurring cash distributions 2 from the investment portfolio, or $0.42 per share. Distribution rate of 17.2% based on the August 18, 2025 closing stock price of $5.59, and monthly distribution of $0.08 per common share declared on August 7, 2025. Management Commentary 'During the second calendar quarter of 2025—our first quarter as a registered closed-end fund and the first quarter of our new fiscal year—we generated a robust annualized return of 19.7%, completed the disposition of our legacy mortgage-related investments with minimal impact on NAV, and aggressively scaled our CLO portfolio by another 27% sequentially to $317 million,' said Laurence Penn, Chief Executive Officer and President. 'Our excellent results for the quarter were driven by strong performance across both CLO equity and mezzanine debt, as well as timely and opportunistic deployment, following the April selloff, of the capital freed up by the sale of the remaining mortgage portfolio. Active trading throughout the quarter further enhanced our returns. 'Volatility early in the quarter generated compelling buying opportunities, and while markets recovered in May and June, we continued to find high-conviction investment opportunities. As the quarter progressed and credit spreads tightened, we also took the opportunity to layer on additional credit hedges at attractive entry points. 'While our net investment income lagged during the quarter as a result of the capital rotation, our current ample dry powder for deployment should boost NII in the coming months. At our current rate of deployment, we project that, starting with September, NII will cover the monthly distribution.' Distributions During and subsequent to the quarter ended June 30, 2025, our Board of Trustees declared the following distributions on our common shares. Investment Portfolio The following table summarizes the composition of the investment portfolio as of June 30, 2025. (In thousands) Amortized Cost Fair Value % of Total Investments U.S. CLO debt $ 116,246 $ 117,930 37.2 % European CLO debt 28,671 30,938 9.8 % Total CLO debt 144,917 148,868 47.0 % U.S. CLO equity 152,729 155,235 48.9 % European CLO equity 12,226 12,755 4.0 % Total CLO equity 164,955 167,990 52.9 % Total CLO debt and equity 309,872 316,858 99.9 % Other investments 436 421 0.1 % Total investments $ 310,308 $ 317,279 100.0 % Expand Results of Operations The following table summarizes our operating results for the quarter ended June 30, 2025: Quarter Ended June 30, 2025 U.S. CLO Debt European CLO Debt U.S. CLO Equity European CLO Equity Other (1) Total (In thousands, except share and per share amounts) Interest income $ 3,314 $ 696 $ 6,076 $ 455 $ 1,045 $ 11,586 $ 0.31 Other investment income — — 84 — — 84 — Total investment income 3,314 696 6,160 455 1,045 11,670 0.31 Interest expense (774 ) (126 ) (262 ) (13 ) (540 ) (1,715 ) (0.05 ) Other expenses — — — — (3,434 ) (3,434 ) (0.09 ) Net investment income 2,540 570 5,898 442 (2,929 ) 6,521 0.17 Net realized gain (loss) on investments 318 (1 ) 176 (25 ) (239 ) 229 0.01 Change in net unrealized gain (loss) on investments 1,684 199 2,507 (599 ) (14 ) 3,777 0.10 Credit and foreign currency hedges, and other activities (322 ) (322 ) (0.01 ) Net income (loss) $ 4,542 $ 768 $ 8,581 $ (182 ) $ (3,504 ) $ 10,205 $ 0.27 Net income (loss) per share (2) $ 0.12 $ 0.02 $ 0.23 $ (0.01 ) $ (0.09 ) $ 0.27 Expand (1) Includes interest income and expense and net realized and change in unrealized gains and (losses) associated with corporate debt and equity and legacy mortgage‑related investments (substantially all of which were sold following the Company's conversion to a regulated investment company). Also includes management fees, performance fees, and general and administrative expenses. (2) Based on weighted average shares outstanding for the quarter ended June 30, 2025 of 37,559,195 shares. Expand CLO Performance The quarter ended June 30, 2025 opened with pronounced cross-asset volatility, driven by investor concerns over tariffs and the potential for a broad economic slowdown. The uncertainty contributed to substantial widening in corporate credit spreads and declines in leveraged loan prices across the U.S. and Europe in early April. Market sentiment rebounded quickly, however, following the April 9 announcement of a 90-day pause on most tariffs. Corporate credit spreads tightened and volatility declined over the remainder of the quarter, while the CLO market benefited from sustained demand for leveraged loans, strong capital inflows, and improving fundamentals among corporate borrowers. In the U.S., leveraged loan prices rose quarter over quarter overall, despite a sharp decline in early April. Elevated credit dispersion remained a key concern in both the U.S. and Europe, with continued underperformance of loans from lower-quality borrowers, particularly those more exposed to tariff risk. Within U.S. CLO debt, higher-quality, deleveraging profiles delivered the strongest performance, although heavy CLO issuance late in the quarter limited further tightening of credit spreads. U.S. CLO equity benefited from strong investor demand and declining market volatility, with newly reset or recently issued CLOs featuring long reinvestment periods outperforming shorter-tenor profiles. Overall, European CLOs underperformed their U.S. counterparts during the quarter. While European leveraged loan prices rose modestly quarter over quarter, they trailed the stronger rebound seen in U.S. leveraged loans. Dispersion in the European loan market also increased relative to the U.S., further contributing to underperformance of junior tranches. However, increased investor demand for non-U.S. credit exposure partially offset this weakness, as some investors rotated out of U.S. CLOs and into European CLOs. Our CLO strategy generated excellent results for the quarter, driven by strong net investment income and net realized and unrealized gains across both U.S. equity and mezzanine investments. In particular, our performance was enhanced by active trading during the quarter, as well as deal calls of two mezzanine positions owned at discounts to par, and a beneficial reset of a CLO equity position. Detracting modestly from these gains were small net losses on our European CLO equity and on credit hedges designed to protect against downside risk. We ended the quarter with a CLO portfolio of $316.9 million with a weighted average expected yield of 15.0%, based on fair market value, and cash and cash equivalents of $36.6 million. Net Asset Value Summary The following table summarizes our assets and liabilities as of June 30, 2025: About Ellington Credit Company Ellington Credit Company (the "Fund") is a non-diversified closed-end fund that seeks to provide attractive current yields and risk-adjusted total returns by investing primarily in collateralized loan obligations ("CLOs"), with a focus on mezzanine debt and equity tranches. The Fund is externally managed and advised by an affiliate of Ellington Management Group, L.L.C., a leading fixed-income investment manager founded in 1994. The Fund benefits from Ellington's extensive experience and deep expertise in portfolio management, credit analysis, and risk management. Conference Call We will host a conference call at 11:00 a.m. Eastern Time on Wednesday, August 20, 2025 to discuss our financial results for the quarter ended June 30, 2025. To participate in the event by telephone, please dial (800) 343-4849 at least 10 minutes prior to the start time and reference the conference ID: EARNQ126. International callers should dial (203) 518-9848 and reference the same conference ID. The conference call will also be webcast live over the Internet and can be accessed via the "For Investors" section of our web site at To listen to the live webcast, please visit at least 15 minutes prior to the start of the call to register, download, and install necessary audio software. In connection with the release of these financial results, we also posted an investor presentation, that will accompany the conference call, on our website at under "For Investors—Presentations." A dial-in replay of the conference call will be available on Wednesday, August 20, 2025, at approximately 2:00 p.m. Eastern Time through Wednesday, August 27, 2025 at approximately 11:59 p.m. Eastern Time. To access this replay, please dial (800) 925-9356. International callers should dial (402) 220-5385. A replay of the conference call will also be archived on our web site at Cautionary Statement Regarding Forward-Looking Statements This release may contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "may," "expect," "project," "believe," "intend," "seek," "plan" and similar expressions or their negative forms, or by references to strategy, plans, or intentions. Forward-looking statements are based on our beliefs, assumptions and expectations of our future operations, business strategies, performance, financial condition, liquidity and prospects, taking into account information currently available to us. These beliefs, assumptions, and expectations are subject to numerous risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations and strategies may vary materially from those expressed or implied in our forward-looking statements. The following factors are examples of those that could cause actual results to vary from those stated or implied by our forward-looking statements: changes in interest rates and the market value of our investments, market volatility, changes in the default rates on corporate loans, our ability to borrow to finance our assets, changes in government regulations affecting our business, a deterioration in the market for collateralized loan obligations, our ability to adapt to the new regulatory regime associated with our conversion to a closed-end fund/RIC, potential business disruption related to our conversion to a closed-end fund/RIC, ability to achieve the anticipated benefits of our conversion to a closed-end fund/RIC, the acceptance by the IRS of the proposed change to our tax year, and other changes in market conditions and economic trends, such as changes to fiscal or monetary policy, heightened inflation, increased tariffs, slower growth or recession, and currency fluctuations. Furthermore, as stated above, forward-looking statements are subject to numerous risks and uncertainties, including, among other things, those described under the heading 'Risk Factors' in our Registration Statement on Form N-2, which can be accessed through the link to our SEC filings under "For Investors" on our website (at or at the SEC's website ( Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected or implied may be described from time to time in reports we file with the SEC, and is not possible for us to predict or identify them all. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. This release and the information contained herein do not constitute an offer of any securities or solicitation of an offer to purchase securities. Reconciliation of Adjusted Net Investment Income to Net Investment Income We calculate Adjusted Net Investment Income as net investment income adjusted for non-recurring expenses. Adjusted Net Investment Income is a supplemental non-GAAP financial measure. We believe that the presentation of Adjusted Net Investment Income provides information useful to investors, because we believe that it is a useful indicator of both current and projected long-term financial performance, in that it excludes the impact of certain expenses that we believe are less useful in forecasting long-term performance and distribution-paying ability. Our calculation of Adjusted Net Investment Income may differ from the calculation of similarly titled non-GAAP financial measures by our peers, with the result that these non-GAAP financial measures might not be directly comparable. In addition, because Adjusted Net Investment Income is an incomplete measure of our financial results and differs from net investment income computed in accordance with U.S. GAAP, it should be considered supplementary to, and not as a substitute for, net investment income computed in accordance with U.S. GAAP. In setting our distributions, our Board of Trustees considers our earnings, liquidity, financial condition, distribution requirements, and financial covenants, along with other factors that the Board of Trustees may deem relevant from time to time. The following table reconciles, for the quarter ended June 30, 2025, our Adjusted Net Investment Income to the line on our Consolidated Statement of Operations entitled Net Investment Income, which we believe is the most directly comparable U.S. GAAP measure:
