Capstone Turbine Announces Second Order Secured by Russian Distributor BPC Engineering for Kazakhstan Pipeline
March 28 2016 - 8:30AM
Capstone Turbine Corporation (www.capstoneturbine.com)
(Nasdaq:CPST), the world's leading clean technology manufacturer of
microturbine energy systems, announced today that BPC Engineering,
the company’s largest Russian distributor, secured an order for a
Kazakhstan pipeline project. The order, consisting of seven C30
microturbines, is the second order to be shipped to BPC Engineering
since March 2015.
“This pipeline project was delayed since the beginning of 2015
and is now just starting to move forward,” said Alexander
Skorokhodov, BPC Engineering’s Chief Executive Officer. “The
project consists of seven C30s that will provide cathodic
protection along the pipeline in addition to lighting and other
small critical loads in Kazakhstan,” added Mr. Skorokhodov.
BPC Engineering is one of Capstone’s largest
distribution partners, with over 1,400 microturbines in operation
in Russia, Belarus, Kazakhstan and Ukraine. The company is a
leading supplier of energy efficient solutions and state-of-the-art
equipment for distributed power generation. The Beyneu-Shimkent
pipeline project originated approximately two years ago and had
been removed from Capstone’s backlog last year due to the
uncertainties surrounding the project timing in light of the
Russian economy. Currently, the pipeline has over fifty
microturbines ranging in size from C30s to C200s, powering
everything from shut off valves, telecom operations, gas metering
and service campuses.
“We continue to work closely with BPC and this order shows that
there is still life in the global oil and gas sector,” said Jim
Crouse, Executive Vice President of Sales and Marketing at Capstone
Turbine. “Despite geopolitical constraints, BPC continues to sell
and support Capstone products and I am optimistic about BPC’s
strategy to grow its Capstone business this upcoming year,” added
Mr. Crouse.
“I am pleased to see that BPC Engineering is beginning to
demonstrate signs of a potential recovery within their market by
securing product orders and resuming product installations. As
product shipments play a critical role in Capstone’s cash planning
process, BPC Engineering has agreed to pay cash prior to shipment
for all future product releases from backlog, and to pay an
additional 15 percent of the total value for each shipment in order
to lower their past-due accounts receivable balance,” said Darren
Jamison, Capstone's President and Chief Executive Officer.
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 approximately 8,700 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 microturbine products, the health of the oil and
gas market sector, the potential for increased sales to BPC, cash
payments for orders from BPC, and estimates on sales of products
and product installations. 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
Capstone Turbine Corporation
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