Capstone Secures Order for 25 Microturbines as U.S. Oil and Gas Markets Begin to Strengthen in Key Shale Plays
CHATSWORTH, Calif., June 3, 2015 (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 order for 25 C65 microturbines to fulfill the continual expansion of existing oil and gas customer fleets in shale plays across the western United States.
Horizon Power Systems, Capstone's distributor for the Eagle Ford, Permian, Barnett, Mancos, San Juan, and Wattenberg Shale plays, secured the order, which is expected to be commissioned later this year. The order will serve numerous facets of the shale oil and gas production process and help to bolster aging infrastructures throughout these regions.
The natural-gas-fueled C65 microturbines will be installed in dual mode, which allows each customer to operate independently of the grid or with the grid in a load sharing capacity. Once commissioned, the microturbine systems will decrease the operating costs of key U.S. shale operations and ensure that reliable power is delivered to each site.
"As the U.S. shale market strengthens, Capstone stands ready with efficient and reliable microturbine energy solutions for both new and follow-on customers," said Jim Crouse, Executive Vice President of Sales and Marketing at Capstone Turbine. "From urban to remote locations, Capstone microturbines continue to be the ideal solution for oil and gas producers looking to reduce operational expenditures and improve their on-site performance," added Crouse.
"This significant new order is received following our recent order coming out of the Marcellus and Utica Shale Plays which had been secured by our distributor E-Finity Distributed Generation. Having our distributor Horizon Power Systems secure an impressive 25 microturbine unit order should be considered a clear market indicator that shale gas producers are continuing to focus on increasing efficiency while lowering their operating costs despite the low energy prices. Capstone microturbines are becoming a brand name to which customers turn for highly reliable and low-maintenance energy solutions within the global oil and gas industry," stated Darren Jamison, President and Chief Executive Officer at Capstone Turbine Corporation.
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 8,500 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, United Kingdom, Mexico City, 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 shale 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 3, 2015