Capstone Secures Sizable 5.2MW Order for Multiple Oil and Gas Sites in South America
VAN NUYS, Calif., Feb. 28, 2018 (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 a sizable new order for 5.2MW of clean and green microturbines to power multiple oil and gas sites in South America. Supernova Energy Services, a South American distributor for Capstone, secured the project.
The order is comprised of five C800 and two C600 Signature Series microturbines that are being deployed to three separate installation sites. The customer selected Capstone microturbines for their proven reliability in oil and gas operations around the world to mitigate their prior regular power outages, resulting in the loss of millions of dollars in missing oil production. The microturbines will provide primary power, with the critical load being the compression systems at each site.
The microturbines will be fueled by associated gas, which is a natural byproduct of the oil production process. The microturbines are able to run on lower quality, minimally processed associated gas, which typically needs a great deal of treatment before it can be utilized as a fuel source. However, Capstone’s microturbines are able to run on a wide range of fuels with various BTU content, requiring minimal treatment when compared to reciprocating engines, helping reduce the overall cost of the project while improving reliability. Additionally, the microturbines have some of the lowest emissions in the world, reducing the impact to the environment compared to other traditional power generation technologies.
“We are excited to see our multi-year sales effort result in a significant initial order for the oil and gas market in South America,” said Jim Crouse, Executive Vice President of Sales and Marketing of Capstone. “We expect to see oil and gas companies continue to look at total cost of ownership, reliability, and the impact on the environment as their primary criteria in selecting future power generation solutions, helping to drive Capstone as the desired solution,” added Mr. Crouse.
“As Brent crude oil prices continue to remain well above fifty dollars a barrel, we continue to see a rebound in our oil and gas business. This rebound combined with our expanding energy efficiency business is driving our year-over-year revenue growth,” said Darren Jamison, President and Chief Executive Officer of Capstone. “These units will eliminate the need for unreliable and environmentally unfriendly diesel engine generator sets to power the sites. Microturbines running on essentially free associated gas makes both environmental and economic sense, or said another way, provides customers with two shades of green. It saves money and is eco-friendly,” 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 over 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. 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.
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Released February 28, 2018