Capstone’s Russian Distributor Secures Another 3MW as Business Rebounds
October 12 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,
Capstone’s distributor in Belarus and Russia, secured another order
for three C1000 Signature Series microturbines that are expected to
ship late October and are scheduled to be commissioned by January.
The natural gas-fueled C1000S microturbines will be
installed in a combined heat and power (CHP) application at a
greenhouse for a major Belarusian plant growth facility in the
Minsk region of Belarus.
BPC and Capstone recently entered into a new
three-year distribution agreement for Belarus and Russia. The
agreement continues BPC’s requirement to pay cash upfront prior to
shipment for all product releases from backlog. BPC has also agreed
that the 15 percent premium of the total value for each shipment
that will remain applicable for non-Signature Series products will
be raised to 20 percent with respect to new Signature Series
products that ship after January 1, 2017. BPC’s previously reserved
past due receivable and money owed on a certain product shipment
dropped approximately $1.5 million from $8.1 million to $6.6
million as of September 30, 2016.
“Despite the geopolitical tensions and economic
challenges in the region, BPC continues to reinvigorate and
strengthen its power generation business,” said Darren Jamison,
Capstone’s President and Chief Executive Officer. “This marks the
eighth C1000 series product secured by BPC in the last four months
as we are now benefiting from a rebound in the region and the
return of BPC to our top ten list of distribution partners,” added
Mr. Jamison.
According to a recent clean energy technology
assessment methodology study by the International Energy
Administration (IEA), Belarus has an opportunity to “leapfrog”
energy-intensive phases of economic development due to the
availability of affordable energy efficiency technologies. Belarus
has made significant progress in curbing energy demand growth by
deploying these technologies across various sectors.
“With demonstrated success installing
clean-and-green CHP plants around the world, we are excited to see
more being deployed in the capital region of Belarus,” said Jim
Crouse, Executive Vice President of Sales and Marketing at
Capstone.
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 8,800 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 9001:2008 and ISO 14001:2004 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, China and Singapore.
This press release contains "forward-looking
statements," as that term is used in the federal securities laws,
about the success of our relationship with BPC, new opportunities
in Belarus and Russia and the advantages of our CHP applications.
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
212-825-3210
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