Capstone Secures New Shale Gas Customers Despite Slowdown in Energy Markets
CHATSWORTH, Calif., Oct. 7, 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 recently received multiple orders from E-Finity Distributed Generation for microturbines to be used for oil and gas operations in the Marcellus and Utica Shale regions.
E-Finity Distributed Generation, Capstone's exclusive oil and gas distributor for the Marcellus and Utica Shale plays, secured multiple orders from two new customers. The orders came from two established gas producing companies in the heart of the Marcellus and Utica wet gas region.
One customer is turning to Capstone and E-Finity for a skid mounted option to power a well pad. The Pennsylvania-based energy company will power the site with a Capstone C30 MicroTurbine on a skid system designed and built for the customer by E-Finity. It includes a PLC-based controller, a 480V distribution panel, a 208V/120V distribution panel and a single gas connection. The skid system will be used to power heat trace, site lighting and other miscellaneous loads, as well as allow them to bring their compression station online very quickly. The skid eliminates the need for separate electrical building and reduces construction and startup costs significantly.
The other customer is one of the oldest energy companies in the world. They have chosen multiple Capstone units for similar well pad applications at multiple locations. These locations are across the Marcellus and Utica region. In addition to well pad heat trace and lights, some sites include gas measurement equipment on or near multiple well locations.
Both customers chose Capstone's clean technology for its continuous duty rating, low emissions and low maintenance the microturbines provide.
"We are very pleased to see that more and more oil and gas producers are turning to the small and compact air-lubricated and air-cooled Capstone microturbines versus traditional reciprocating technology," said Jeff Beiter, Managing Partner at E-Finity Distributed Generation.
"The silver lining to the slowdown in the energy industry is customers now have more time available to evaluate and consider cutting edge new energy solutions like our microturbines," said Darren Jamison, Capstone's President and Chief Executive Officer. "We have recently added additional oil and gas sales resources at Capstone and we are encouraging our key distribution partners, like E-Finity, to do the same as now is the time to penetrate new oil and gas producers while we are in a down cycle so we can benefit when the cycle corrects in the future and access becomes limited again," 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 opportunities in the oil and gas markets. 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 October 7, 2015