Capstone Announces Another Follow-On Order for Large Australian Coal Seam Gas Company
CHATSWORTH, Calif., Sept. 9, 2013 (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 another follow-on order for a large Australian coal seam gas company. The initial order in July 2008 was for the supply of 110 C30 packages, which was later increased to 154 C30s in 2009. The first follow-on contract was for 44 C30 microturbines in October 2012, and in early January 2013 they ordered 36 additional units. The latest order is for 14 units, bringing the total number of units sold to date to 248 C30 microturbines. These orders are part of a periodical supply contract for the life of the project, at least five years.
In Australia, coal seam gas is plentiful. Coal seam gas has been known about ever since the coal mining industry began in Australia in the early 1900's. With advances in technology, it has developed into a key transition fuel, helping to lower Australia's carbon emissions as they move to a lower carbon future. Coal seam gas now makes up a significant proportion of Australia's natural gas supply.
Capstone's distributor Aquatec-Maxcon Pty Ltd secured the periodical supply contract in October 2012. Aquatec-Maxcon is Australia's leading provider of water and wastewater technology and equipment. The C30 microturbines are supplied as integrated packaged systems by Aquatec-Maxcon for use in remote coal seam gas exploration and production wells in the Australian Queensland (QLD) outback.
"This is another good order for this major coal seam gas producer, which brings their total fleet up to 248 units providing reliable low emission electricity 24 hours a day, seven days a week, in a harsh and remote part of the world," said Jim Crouse, Capstone's Executive Vice President of Sales and Marketing.
"The oil and gas market continues to be our fastest growing market and in our first quarter of fiscal 2014 accounted for 57% of revenue," said Darren Jamison, Capstone's President and Chief Executive Officer. "Capstone continues to see strong repeat business from global oil and gas producers in the U.S., Russia, Asia, Australia, Canada and South America," added Jamison.
Coal seam gas in Australia is used to fuel power stations that generate electricity to supply major industrial customers, homes and businesses. Coal seam gas is forming the basis of a major new liquefied natural gas (LNG) export industry that will deliver substantial economic benefits to Australia and create many thousands of jobs.
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 approximately 7,000 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 environmental advantages and reliability of our products and the use of our products in 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 September 9, 2013