Capstone Secures Follow-On Order From Oil and Gas Customer in Colombia
CHATSWORTH, Calif., Oct. 5, 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 a C600 microturbine to power a gas compression station for a repeat oil and gas customer in Colombia.
Supernova Energy Services S.A.S., Capstone's Colombian distributor, secured the order, which is scheduled to be commissioned in January 2016.
The natural-gas-fueled C600 microturbine will operate in dual mode, which allows the customer to operate independently of or with the grid in a load sharing capacity, and provide prime power to the compression station 24/7. The 600kW microturbine is modular and can easily be expanded to accommodate a future increase in station power load. With its patented air bearing technology, the microturbine does not require oil or lubricants to operate, thus reducing maintenance and increasing uptime.
The customer decided to implement a second Capstone microturbine after having a positive experience with their C800 microturbine at another compression station in the region. After 30 years of using reciprocating engines to power their gas compression sites, the customer elected to continue using Capstone microturbines for their ability to run reliably and cost effectively on pipeline quality natural gas. Capstone microturbines are empowering businesses to achieve energy independence by reducing or eliminating their dependence on traditional electric utilities.
According to the U.S. Energy Information Administration (EIA), natural gas consumption in Colombia has risen by more than 54 percent in the past decade. A series of regulatory reforms to make the oil and natural gas sector more attractive to foreign investors has led to an increase in Colombian production. Colombia stands as the third-largest oil producer in Latin America and the seventh-largest crude exporter to the United States.
"Capstone is becoming the technology of choice to lower energy costs for and increase the operational efficiencies of oil and gas producers worldwide," said Jim Crouse, Executive Vice President of Sales and Marketing at Capstone Turbine. "It is repeat business like this that continues to highlight Capstone as the manufacturer customers can depend on for advanced solutions to meet their needs year after year," added Crouse.
"It is very promising to see orders in new markets that we have targeted as critical growth areas for the company and its always encouraging to see follow on orders from the oil and gas industry despite the precipitous drop in crude oil prices," said Darren Jamison, Capstone's President and Chief Executive Officer. "In response to the ongoing business headwinds we are experiencing we are looking to expand our business in Latin America, Australia, Africa and the Middle East. These markets have tremendous potential and will give us an ability to offset the slowdown we are experiencing in the energy space and more specifically in Russia," 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 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 the growth of the Colombian 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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CONTACT: Capstone Turbine Corporation Investor and investment media inquiries: 818-407-3628 firstname.lastname@example.org INVESTORS: Dian Griesel Int'l Cheryl Schneider/Tom Caden 212-825-3210
Released October 5, 2015