Capstone Continues Penetration in Asia-Pacific Region with 1.6 MW Signature Series Order for Large-Scale Development Project in South Korea
VAN NUYS, Calif., Aug. 09, 2018 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq: CPST), the world’s leading clean technology manufacturer of microturbine energy systems, announced today it secured an order for a C1000 Signature Series microturbine and a C600 Signature Series microturbine for a luxury residential and commercial development in South Korea. The development will operate as a lifestyle solution which will include residential, hotel, commercial, and leisure facilities.
“This order builds further momentum in the energy efficiency market,” said Darren Jamison, President and Chief Executive Officer of Capstone. “During the first quarter of fiscal 2019, Capstone received new product orders from 13 different distributors in 11 countries, and in the first six weeks of the second quarter, we have already received 14 new orders from 10 different distributors in 7 countries. These countries include the United States, Italy, Germany, China, Russia, Iraq and now South Korea as we continue to diversify both our market verticals and geographies,” added Mr. Jamison.
The natural gas-fueled microturbines will be installed in a combined heat and power (CHP) application in one of South Korea’s largest cities. The configuration will provide high electrical and thermal power generation for the over 35,000-square-meter facility. With an overall efficiency of approximately 80 percent, the investment will significantly reduce the customer’s payback period.
Decision makers looked at various technologies and options for the new development and ultimately chose Capstone microturbines as the ideal solution for the new project. The customer is expected to save 50 percent on their energy costs on an annual basis. The project will also incorporate Capstone’s new state-of-the-art PowerSync MultiMaster controller. The PowerSync MultiMaster will coordinate outputs from the C1000 and C600 microturbines so that they operate as a single power plant. The PowerSync product utilizes a self-healing ring communications topology for controlling each microturbine, which provides for high system availability.
“Capstone microturbines are at the forefront of building energy efficiency technology,” said Jim Crouse, Executive Vice President of Sales and Marketing at Capstone. “Capstone is pleased to partner with CYTech on the order, their knowledge and expertise as a clean and green solution provider fall in line with Capstone’s strategic sales growth initiatives,” noted Mr. Crouse.
Capstone’s Signature Series product line continues to gain significant traction in CHP and CCHP applications because of their high reliability and low operational costs while significantly reducing environmental impact,” concluded 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 DQS-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.
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Released August 9, 2018