Capstone Continues to Diversify its Business as it Drives New Growth in the Middle East Region with Major 3.4 MW Order in Kuwait
VAN NUYS, Calif., July 30, 2018 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today it secured a new 3.4 megawatt (MW) order for a gas processing facility in Kuwait. The order includes a new C600 Signature Series microturbine, a new C800 Signature Series microturbine and two remanufactured C1000R microturbines, which will provide prime power for the facility. SPECTO International, Capstone’s distributor in Kuwait, secured the project, which is expected to be commissioned in late 2018.
The combination of factory remanufactured turbines, and new Signature Series turbines allowed Capstone to provide a full factory warranted solution at an extremely competitive price to meet the end-use customer’s tight project budget and delivery timeline. The C1000R packages will receive a rigorous factory inspection, be upgraded to include the latest Signature Series product updates and will receive a full factory performance and acceptance test prior to their shipment and installation in Kuwait.
“Capstone was selected over other alternatives, including traditional gas engines, because of our proven track record of superior performance in oil and gas applications in other regions of the world,” said Jim Crouse, Executive Vice President of Sales and Marketing at Capstone. “The selection of Capstone microturbines was also based on our ultra-low emissions, high reliability, and extended maintenance intervals,” concluded Mr. Crouse.
According to Standard Chartered, economists expect budget deficits across the Gulf Cooperation Council (GCC) to narrow this year and are forecasting a pick-up in consumption in the six-nation economic block as governments continue to boost spending on infrastructure amid higher oil prices.
“I am pleased to see continued traction in the Middle East as it’s a key new region of growth for the company,” said Darren Jamison, Capstone’s President and Chief Executive Officer. “This is a significant project and was just one of many projects SPECTO currently has under evaluation. Additionally, we expect to see accelerated growth in the GCC for all of Capstone’s products and services,” added Mr. 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 has shipped over 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 DQS-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. 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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Released July 30, 2018