Capstone Receives Order for Two C800S for Onshore Oil and Gas Production Facility
VAN NUYS, Calif., Dec. 10, 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 secured an order for two C800 Signature Series microturbines that will be used for onshore oil and gas production.
Cal Microturbine, Capstone’s exclusive distributor in California, secured the order for two C800S with advanced state-of-the-art Capstone controllers. The systems will use associated gas to provide electricity during onshore production of oil in a facility located in Southern California. Set for commissioning during spring 2019, the units will help the customer expand production operation capacity while offsetting its annual power purchased from utility companies. The gas producer sought low emission gas turbines as an alternative to traditional flaring to not only meet California’s strict emissions regulations but to also improve overall efficiency.
“California as a whole continues to impose stricter environmental regulations on oil and gas production causing more companies to seek out new and more environmentally friendly ways to improve production. Capstone microturbines offers an effective way for companies to produce energy while being socially responsible,” said Darren Jamison, Capstone’s President and Chief Executive Officer.
“Flaring is a waste of natural resources and has a significant impact on the environment, not to mention the associated health issues. As Capstone microturbines use associated gas to generate low-emission power, its use can eradicate the need to flare associated gases and enable producers to utilize otherwise wasted gas for production,” added Mr. Jamison.
California is consistently ranked amongst the top oil producers in the nation following areas such as Texas’ Permian Basin. According to the 2017 Report of California Oil and Gas Production Statistics, the state’s net gas production for both associated and non-associated gas for 2017 was 162.7 billion cubic feet, an increase of 3.6% over 2016.
“Cal Microturbine continues to find new opportunities in the oil and gas space in California, and we continue to see growth in orders and in the global sales pipeline for oil and gas,” stated Jim Crouse, Executive Vice President of Sales and Marketing of Capstone Turbine.
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.
Capstone Turbine Corporation
Investor and investment media inquiries:
Integra Investor Relations
Shawn M. Severson
Released December 10, 2018