Capstone Secures Follow-On Order From Oil and Gas Customer in Colombia
October 05 2015 - 8:30AM
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.
The Capstone Turbine Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6212
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.
"Capstone" and "Capstone MicroTurbine" are registered trademarks
of Capstone Turbine Corporation. All other trademarks mentioned are
the property of their respective owners.
CONTACT: Capstone Turbine Corporation
Investor and investment media inquiries:
818-407-3628
ir@capstoneturbine.com
INVESTORS:
Dian Griesel Int'l
Cheryl Schneider/Tom Caden
212-825-3210
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