Capstone Secures 1.2MW Order to Provide Power to an Oil Field Project in Libya
April 06 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 it received an
order for two C600 microturbines for an oil field project in Libya.
MicroTurbine Power, Capstone’s distributor in North Africa and
parts of the Middle East, secured the new order, which is expected
to be commissioned in late 2016. Capstone microturbines were
selected for their reliability and low operational cost. With only
one moving part, a patented air bearing, no coolants or lubricants,
and with minimal maintenance requirements, Capstone microturbines
make the ideal choice for high ambient temperature and harsh remote
environments.
The diesel-fired C600 microturbines will be installed in a
standby power application and configured to back up critical loads.
In the event of a power outage, the microturbines will provide
backup power to onsite water pumps and other oil and gas equipment.
When needed, the electricity generated by the microturbines can
cover nearly all the energy needs of the site, giving the customer
enhanced reliability for operational stability.
Darren Jamison, President and Chief Executive Officer of
Capstone Turbine, said, “We have identified Africa as one of our
strategic growth markets along with Mexico, South America, Eastern
Europe, Australia, China and the Middle East. Africa provides
considerable growth opportunities in traditional applications such
as oil and gas, industrial CHP and biogas, and in remote micro-grid
applications that successfully operate in concert with wind, solar
and storage technologies.”
“Concentrated efforts on improving our geographical
diversification are a key strategic initiative and part of our
overall business recovery plan. We are pleased to see that our
sales and marketing efforts are resulting in significant new
bookings from within our targeted growth areas. As the energy
efficiency and CHP market verticals continue to show steady growth,
they have helped to offset the downturn we have been experiencing
in the oil and gas markets,” added Mr. Jamison.
According to the International Energy Agency (IEA), the growth
in installed electricity generation in Libya reflects higher
economic growth and greater investment in the oil and natural gas
sectors. Despite the growth in electricity generation and a high
electrification rate, Libya still suffers from regular power
outages.
“MicroTurbine Power is making impressive progress as they are
diligently expanding our presence in the African oil and gas
market,” said Jim Crouse, Executive Vice President of Sales and
Marketing at Capstone Turbine. “By leveraging our demonstrated
success in oil and gas operations around the world, Capstone is
able to meet the demanding requirements of oil and gas producers in
challenging environments such as Africa,” 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 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 applications, the market potential in Libya and
other countries and regions, growth and market opportunities in
Africa, and expected product completion and commissioning dates.
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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