Capstone Expands Africa Business with Oil & Gas Flare Reduction Project in North Africa
May 01 2017 - 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 C65 microturbines to be installed in a flare gas
application for an oil producer in North Africa.
Capstone’s distributor for North Africa secured the
order, which is expected to be commissioned in September 2017.
The flare gas-fueled C65 microturbines will provide
prime power for a remote oil and gas field operation by utilizing a
fuel that would otherwise be flared. The installation will also
serve as an initial pilot project for this customer and the region,
showcasing the many benefits of microturbine-based flare reduction
systems. Capstone microturbines were selected for their proven
performance in similar applications around the world.
Darren Jamison, President and Chief Executive
Officer of Capstone, said, “we continue to diversify our customer
base and grow our geographic presence in key areas like Africa as
it's a major growth opportunity for Capstone. According to
published studies, as much as 65% of the global electricity
consumption by 2020 will be located in emerging markets like Asia,
Africa and the Middle East. Pilot projects and new customers like
this are critical to our future success in these new high growth
regions.”
According to the U.S. Energy Information
Administration (EIA), the North African region is one of the major
natural gas producing regions on the continent. North Africa holds
a vast amount of shale gas resources.
“Like many of our oil and gas customers, this
significant oil producing company was looking for an economically
viable alternative to traditional diesel powered generator sets,”
said Jim Crouse, Capstone’s Executive Vice President of Sales and
Marketing. “Capstone microturbines are able to effectively utilize
poor quality gas and turn it into clean and reliable onsite power,”
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 has shipped approximately 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 UL-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
about the advantages of microturbines in various applications;
diversification of our customer base; and growth opportunities in
various regions such as Africa. 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
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