Capstone Receives 1.5MW Multi-Unit Order from New Chinese Distributor
CHATSWORTH, Calif., April 21, 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 has received an order for multiple microturbines from a new distributor, JiangSu Jin Tong Ling (JTL), in China.
JTL provides large centrifugal fans, large centrifugal blowers and high voltage centrifugal blowers, among other products and services. Additionally, JTL offers natural gas-powered products as part of its energy saving and industrial environment protection services. JTL's products are mainly applied in steel smelting, thermal power generation, new suspension preheater cement, petrochemical engineering, sewage disposal, waste heat recovery and nuclear power, among others.
Darren Jamison, President and Chief Executive Officer of Capstone, said, “I am very pleased to welcome JTL to our distributor family in China as they have a very robust business and a solid platform from which to distribute our innovative products. Adding new distributors in key markets is essential to increasing and diversifying our revenue sources, which is an important part of our three-pronged recovery plan, along with reducing operating expenses and improving gross margins.”
The order is expected to be commissioned by September 2016. It is comprised of seven microturbines and covers Capstone’s complete product range: C1000, C200, C65 and C30. The units will be used in CHP and portable power applications, including a C200 to be installed at one of JTL’s factories.
According to the International Energy Agency (IEA), rapidly increasing energy demand in Chinese buildings is expected to continue to grow as a result of urbanization, further increases in per capita disposable income, and demand for more comforts and services.
“We are experiencing significant expansion in our opportunity pipeline in China. Together, JTL and Capstone can successfully implement our proven distribution model, resulting in sustained growth in the Chinese market,” said Jim Crouse, Executive Vice President of Sales and Marketing at Capstone.
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 has shipped approximately 8,700 Capstone Microturbine systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone 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.
This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the advantages of our products and applications, addition of new distributors, and market growth potential in China. 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.
"Capstone" and "Capstone Microturbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
CONTACT: Capstone Turbine Corporation Investor and investment media inquiries: 818-407-3628 firstname.lastname@example.org INVESTORS: Dian Griesel Int’l Cheryl Schneider 212-825-3210
Released April 21, 2016