Capstone to Provide 2MW of Clean Power for Leading Chinese Offshore Oil Company
CHATSWORTH, Calif., Jan. 13, 2016 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that it received an order for two C1000 microturbines to provide clean power for a leading offshore oil company operating in the South China Sea.
Top-Well Services, Inc., Capstone’s oil and gas distributor in China, secured the order, which is expected to be commissioned in mid-2016.
“The associated gas market continues to develop globally as oil and gas operators convert this on-site waste gas stream into clean onsite power generation," said Darren Jamison, Capstone's President and Chief Executive Officer. "I think we are seeing the markets in Asia become more sensitive to environmental emissions and pollution in general, which better aligns them with our core value proposition," added Mr. Jamison.
Both C1000 microturbines will be installed on an existing oil production platform and fueled by the associated gas that is piped directly from the wellhead. The microturbines will provide supplementary electrical power to meet the platform’s production demands and lower the emissions from its conventional flare stack. Capstone microturbines were selected for their high reliability in the field as well as their ability to significantly reduce operational costs and flare emissions.
According to the U.S. Energy Information Administration (EIA), the South China Sea is rich in resources and offers the potential for significant hydrocarbon discoveries. The EIA also expects China to account for 43 percent of liquid fuel consumption growth in non-OECD Asia.
“We are encouraged to see orders like this stem from countries, like China, that promote the use of natural gas as a preferred energy source,” said Jim Crouse, Executive Vice President of Sales and Marketing at Capstone Turbine. “The many economic and environmental benefits of owning a Capstone microturbine are intended to evoke positive change in the way the world generates power,” added Mr. Crouse.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST) is the world's leading producer of low-emission microturbine systems and was the first to market commercially viable microturbine energy products. Capstone Turbine has shipped over 8,600 Capstone Microturbine systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone Turbine is a member of the U.S. Environmental Protection Agency's Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation's energy infrastructure and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO 9001:2008 and ISO 14001:2004 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the New York Metro Area, United Kingdom, Mexico City, Shanghai and Singapore.
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This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the advantages of our products and the growth of the associated gas market. Forward-looking statements may be identified by words such as "expects," "objective," "intend," "targeted," "plan" and similar phrases. These forward-looking statements are subject to numerous assumptions, risks and uncertainties described in Capstone's filings with the Securities and Exchange Commission that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
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CONTACT: Capstone Turbine Corporation Investor and investment media inquiries: 818-407-3628 email@example.com INVESTORS: Dian Griesel Int’l Cheryl Schneider/Tom Caden 212-825-3210
Released January 13, 2016