Capstone Distributor to Deliver 1.6MW Power Plant to Offshore Platform in California
CHATSWORTH, Calif., Aug. 10, 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 recently received an order for a C1000 Signature Series microturbine and a C600 Signature Series microturbine for an oil and gas platform off the coast of California.
Regatta Solutions, Capstone’s distributor in California, secured the order, which is expected to be commissioned in December 2016. The customer chose Capstone microturbines for their price performance, proven reliability and experience in difficult offshore platform environments. Capstone microturbines also meet the local South Coast Air Quality Management District (AQMD) Best Available Control Technology (BACT) emissions level requirements, which helps to streamline the air emissions permitting process.
“This order is reflective of the efficiency optimization initiatives we are starting to see from our oil and gas clients who are focused on reducing their operations costs while simultaneously protecting the environment,” said Steven Acevedo, President and Chief Executive Officer of Regatta Solutions.
The associated gas-fueled C1000S and C600S microturbines will be installed in a combined heat and power (CHP) application and operate using the onsite associated gas stream to relieve the flaring requirement for the platform. Hot water, produced from the microturbine exhaust, will provide heating for the production process to reduce additional energy needs. The microturbines will provide power to site loads, lowering operating costs for the end customer.
“Despite the prolonged two-year slump in the energy industry, oil and gas producers are starting to look for creative ways to reduce their operational costs and meet increasingly stringent flaring requirements, which is positive for our business,” said Darren Jamison, President and Chief Executive Officer at Capstone. “Capstone is able to leverage its demonstrated success in the oil and gas market and deliver low-cost, highly reliable energy solutions to oil and gas operations around the world,” added Mr. Jamison.
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 8,800 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 United States, Latin America, Europe, Middle East, China and Singapore.
This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the advantages of our CHP applications and sales into the oil and gas industry. 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 email@example.com INVESTORS: Dian Griesel Int’l Cheryl Schneider 212-825-3210
Released August 10, 2016