Capstone Receives Another 3.3MW Order from a Repeat Oil and Gas Customer in the San Juan Basin Bringing the Total to 9.3MW in last 120 days
CHATSWORTH, Calif., March 29, 2017 (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 multiple microturbines for a repeat oil and gas customer operating in the San Juan Basin.
Horizon Power Systems, Capstone’s oil and gas distributor for the Barnett, Eagle Ford, Mancos, Permian, San Juan, and Wattenberg shale plays, secured the order. The order, consisting of twelve C65 microturbines, three C600S Signature Series microturbines and a C800S Signature Series microturbine are expected to be commissioned early this summer.
“We are unquestionably seeing a strengthening in our U.S. oil and gas related business since the presidential election in November,” said Darren Jamison, Capstone’s President and Chief Executive Officer. “This is the fourth large order secured in the U.S. shale plays in the last 120 days and together these orders total 9.3MW consisting of 36 microturbines for repeat customers,” added Mr. Jamison.
All 16 microturbines will provide prime power to oil production sites, production measurement operations and transportation pipelines. The units will be installed in increments over time and fueled by wellhead gas, direct from the pipeline. Capstone microturbines were selected for their low emissions profile, low maintenance and reliable power generation capabilities in remote locations.
“This oil and gas customer in particular has installed over 180 Capstone units over the years,” said Jim Crouse, Capstone’s Executive Vice President of Sales and Marketing. “As the oil and gas industry rebounds, we are seeing increased interest especially in our new world class Signature Series product offering,” added Mr. Crouse.
According to the U.S. Energy Information Administration (EIA), the San Juan Basin in northwestern New Mexico contains one of the largest demonstrated natural gas reserves in the United States. New Mexico is among the top 10 states in the nation in per capita natural gas consumption with the electric power sector being the largest consumer in the state.
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 9,000 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 9001:2015 and ISO 14001:2015 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 and Asia.
This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the advantages of our microturbines and improvements related to Capstone’s Signature Series product offerings, as well as the strengthening and recovery of the oil and 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.
"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
Released March 29, 2017