Repeat Oil and Gas Customer to Receive First Capstone C600 Signature Series Three Bay Package Microturbine
CHATSWORTH, Calif., March 20, 2017 (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 secured an order for a C600 Signature Series microturbine to power a natural gas compression station in southern Wyoming. This is the first order for a three bay package C600S microturbine, which has a smaller footprint and is lighter than the previous five bay package.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0e8cef91-4f4f-4521-afa0-b3db1660c8c1
Horizon Power Systems, Capstone’s oil and gas distributor for the Eagle Ford, Permian, Barnett, Mancos, San Juan, and Wattenberg Shale plays, secured the order, which is expected to ship in the next few weeks and be commissioned in September 2017. This customer continues to buy Capstone microturbines for their low maintenance and ability to provide reliable power in remote locations.
“The oil, gas and other natural resources market continues to be an important market vertical for Capstone as we strive to improve our vertical market diversification with a goal of 40% oil, gas and other natural resources, 40% energy efficiency and 20% renewable energy and critical power applications,” said Darren Jamison, Capstone’s President and Chief Executive Officer. “Last quarter oil, gas and other natural resources comprised 38% of revenue with energy efficiency coming in at 53% and renewable energy and critical power representing 9%,” added Mr. Jamison.
The dual mode C600S microturbine will be fueled by natural gas from a nearby pipeline and provide primary power to the compression station. Although Capstone has smaller units running statewide, the larger 600kW microturbine will be the first to be installed in the state of Wyoming.
According to the U.S. Energy Information Administration (EIA), Wyoming supplies more energy to other states and has more federal oil and natural gas leases than any other state. Wyoming produced 6.2 percent of the nation’s marketed natural gas in 2015, and continues to stand as one of the top 10 natural gas producing states in the United States.
“We are seeing a steady increase in our global oil and gas business,” said Jim Crouse, Capstone’s Executive Vice President of Sales and Marketing. “Repeat oil and gas customers like this help to solidify Capstone’s position as the microturbine market leader and the preferred go-to power solution in the recovering oil and gas market. The new three bay enclosure is a nice new benefit as customers across all our market verticals enjoy smaller and lighter packages that are less costly to ship and easier to install,” added Mr. Crouse.
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 has shipped approximately 9,000 Capstone Microturbine systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone 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 9001:2015 and ISO 14001:2015 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the United States, Latin America, Europe, Middle East and Asia.
This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the advantages and improvements related to Capstone’s Signature Series product offerings, the improvement of Capstone’s market diversification, and the increase of our CHP applications and sales into the recovering 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.
"Capstone" and "Capstone Microturbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
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CONTACT: Capstone Turbine Corporation Investor and investment media inquiries: 818-407-3628 email@example.com
Released March 20, 2017