Capstone Secures Follow-On Order From Dutch Distributor for International Oil and Gas Producer
CHATSWORTH, Calif., Feb. 25, 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 a follow-on order for two C65 High Humidity Package microturbines at an offshore oil and natural gas production platform in the Netherlands.
Capstone microturbines were selected for their proven reliability in the field and superior product engineering. The customer, a large international oil and natural gas producer, selected Capstone microturbines again because of their demonstrated ability to reliably provide uninterrupted power in challenging environments. Seven Turbine Power BV, Capstone’s Dutch distributor, secured the order, which is expected to be commissioned later this year.
The Netherlands is the second-largest producer and exporter of natural gas in Europe and is home to Europe’s largest natural gas trading hub in terms of spot volumes, according to the U.S. Energy Information Administration (EIA).
“This order is significant for a number of reasons. First, it further illustrates the growing trend of orders from new distributors in diverse geographical areas. Second, it continues the string of follow-on orders from satisfied end-use customers. And third, it shows continued success in the oil and gas market, despite the heavy macroeconomic headwinds caused by record low crude oil prices,” said Darren Jamison, President Chief Executive Officer at Capstone Turbine.
Two natural gas-fueled C65 microturbines, designed specifically for off shore environments, will provide primary power to the platform facility and on-site equipment. Unplanned outages can cost thousands, or even millions, of dollars in lost revenue. The microturbines allow for continuous operation, ensuring very high uptime. Additionally, Capstone microturbines require significantly less maintenance than other technologies such as reciprocating engines, which means operational costs are lower. Oil and gas companies across the globe rely on Capstone microturbines for reliable power to their business and to maximize their operations.
“Oil and gas production requires the best and most reliable technologies, which is why customers choose Capstone,” said Jim Crouse, Executive Vice President of Sales and Marketing at Capstone Turbine. “Fortunately, these demanding requirements are easily met by Capstone’s rugged, low-maintenance microturbine technology,” 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 approximately 8,700 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, the market growth in the Netherlands, possible future sales in the oil and gas market, the trend of sales from new distributors and the growth of sales to existing customers. 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 firstname.lastname@example.org INVESTORS: Dian Griesel Int’l Cheryl Schneider/Tom Caden 212-825-3210
Released February 25, 2016