Capstone Continues Oil & Gas Reach With Order From Fortune 100 Oil Conglomerate in Thailand
CHATSWORTH, Calif., Aug. 3, 2012 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, today announced the sale of five low-emission C65 Capstone microturbines to a Fortune 100 oil conglomerate in Thailand. The microturbines will be the prime power source for a remote natural gas pipeline station and nearby village that both are completely isolated from the utility grid.
The C65 microturbines will run on pipeline gas and supply prime power to the onshore transmission station, which receives natural gas from two offshore gas fields up to 200 kilometers (124 miles) away in the Andaman Sea. Approximately 120-kilowatts of microturbine power will be used by villagers.
In 2013, gas from a third offshore source – the Zawtika field – also will run through the transmission station.
The power system, which includes a Capstone Advanced Power Server, also features a separate gas chromatograph that allows the natural gas station to monitor the gas composition.
Purchased by PTT Public Company Limited, a Fortune 100 oil conglomerate in Thailand, the microturbine system helps PTT fulfill its mission to strengthen Thailand's energy security through the operation of a dual onshore and offshore pipeline system.
Capstone's new Thailand distributor Aqua Nishihara Corporation Limited secured the order. The units are expected to be commissioned in January 2013.
"The five C65s are replacing two reciprocating engines that were much less reliable in providing power to the station and nearby village," said Pongsapon Klinsong, Business Development Manager for Aqua Nishihara. "PTT selected the microturbines because they wanted a system that uses pipeline gas as fuel for the power source and also because of the microturbines' greater power reliability. In the long run, PTT will experience greater consistency in gas flow, which ultimately is good for its customers."
"Thailand's high dependence on imported oil and gas has prompted the country to be one of the first in Asia to adopt energy policies that target indigenous energy resources and reduce global greenhouse gas emissions," said Jim Crouse, Capstone's Executive Vice President of Sales and Marketing. "Capstone microturbines are the best solution for this project and to help meet the country's green energy initiatives."
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 Turbine has shipped over 6,500 Capstone MicroTurbine(R) systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone Turbine 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 9001:2008 and ISO 14001:2004 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the New York Metro Area, Mexico City, Nottingham, Shanghai and Singapore.
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This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the advantages of our products and sales of our products in Thailand. 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 3, 2012