Capstone Secures Repeat Order for Expanding Oil and Gas Projects in Utica Shale
VAN NUYS, Calif., Dec. 03, 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 is has secured a repeat order for one C600 Signature Series microturbine that will be used to power a gathering station that transports natural gas through the pipelines in the Utica Shale.
The order secured by E-Finity Distributed Generation, Capstone’s distributor for the Mid-Atlantic and Southeastern United States is a repeat order that will be commissioned in the spring of 2019. The expandable five bay C600S will be shipped in a one-megawatt enclosure with two open bays in anticipation of increased demand in the near future for abundant natural gas from the shale.
“Located below the Marcellus Shale, one of the world’s largest natural gas fields, we have seen renewed interest in the Utica Shale which is quickly becoming a promising area of exploration for several oil and gas companies,” said Darren Jamison, Capstone’s President and Chief Executive Officer.
The Utica Shale is a black, organic rich-shale that lies beneath most of New York, Pennsylvania, Ohio, West Virginia and expands into Canada. According to the Ohio Department of Natural Resources (ODNR), oil and gas production in Ohio’s Utica Shale for the second quarter of 2018 has grown year-over-year, producing 4,488,104 barrels of oil, an increase of over 10%. More promising, natural gas production has increased to 554 billion cubic feet, up from 389, or an increase of 42% year-over-year.
“Capstone microturbine systems are seen as the technology of choice in the area due to modular and expandable design,” said Jim Crouse, Executive Vice President of Sales and Marketing of Capstone Turbine. “Our customers like the fact that our turbines can be upgraded to meet increased demand and production with little to no cost since stations are already set up for additional engines and capacity,” added Mr. Crouse.
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,” “believes,” “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 December 3, 2018