Capstone Lands Another Large U.S. Oil & Gas Producer With Initial 12 Unit Order
CHATSWORTH, Calif., June 22, 2012 (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 received an initial order for 12 microturbines totaling 1.9 megawatts from a large oil & gas producer headquartered in the Southern United States.
The new oil & gas customer's initial order is for 2 C600 Power Packages and 10 C65 microturbines for installation at four remote production sites.
Capstone distributor Horizon Power Systems secured the order for the 12 microturbines, which will supply prime power at each central site. The microturbines are scheduled to be installed and commissioned later this summer.
"The customer selected Capstone microturbines because they want the high reliability and low emission benefits of our products," said Bryan Hensley, Horizon Power Systems Executive Vice President. "They need the assurance of round-the-clock power at remote wellhead sites and know that's precisely what Capstone microturbines deliver."
All 12 microturbines will provide clean and green power to ESPs (Electrical Submersible Pumps) that help lift hydrocarbons from the formation. The microturbines, fueled by wellhead gas, will produce electricity to provide all power to the site.
"The oil & gas market continues to be our fastest growing market segment worldwide and accounted for 58% of total revenue last year," said Darren Jamison, Capstone's President and Chief Executive Officer. "Capstone is quickly becoming a preferred solution for the United States shale plays and Russian associated gas markets," added 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 Turbine has shipped over 6,500 Capstone Microturbine 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 growth of the oil and gas market. 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 June 22, 2012