Capstone to Ship First Signature Series Microturbine for Oil & Gas Operations in Utica Shale Play
July 31 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 a C600S microturbine to provide prime power for an
American oil and gas exploration and production company operating
in the Ohio Utica Shale region.
"As crude oil trades near two month highs on the back of the
reported drop in U.S. stockpiles, we are seeing increased activity
in the U.S. shale market," said Darren Jamison, Capstone's
President and Chief Executive Officer. "The recovering crude oil
market and our growing momentum in the energy efficiency or CHP
market is driving new order bookings as recently evidenced by our
increased book-to-bill ratios," added Mr. Jamison.
Capstone recently announced select preliminary first quarter
financial results and reported booking $35.9 million in new product
orders for the six month period ended June 30, 2017, compared to
$20.4 million in the same preceding six months.
E-Finity Distributed Generation, Capstone’s distributor for the
Mid-Atlantic and Southeastern United States, secured the order
which is estimated to be commissioned in October 2017. Capstone
microturbines were selected for their ability to provide primary
power in a location where no utility power is readily available,
and because the customer already relies on Capstone microturbines
at numerous remote water pumping and compression sites.
“This order demonstrates that pipeline construction is going to
start allowing the abundant and clean-burning Appalachian natural
gas to make its way into cities and communities, which will further
enhance our ability to use our Capstone CHP and CCHP units for
downstream businesses in the region,” said Jeff Beiter, Managing
Partner at E-Finity Distributed Generation. “From wellheads to
customer locations, Capstone is leading the way by delivering the
energy solutions needed for reliable power generation,” added Mr.
Beiter.
The C600S microturbine will operate on pipeline quality natural
gas and be installed in stand-alone mode at a remote midstream
natural gas compressor station in Monroe County, Ohio. The
Signature Series microturbine will provide three-phase power to the
remote site while reducing the customer’s carbon footprint.
“We are encouraged to see more U.S. oil and gas companies start
to come back online and expand their operations in the shale-rich
Ohio Basin,” said Jim Crouse, Capstone’s Executive Vice President
of Sales and Marketing. “Capstone microturbines are ideal for
remote oil and gas operations, especially those with harsh weather
conditions,” 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 over
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 and reliability of our Signature Series product
offerings, recovery of shale and oil and gas markets, increase in
orders from energy efficiency or CHP markets, and increase use of
Capstone products in CHP and CCHP downstream businesses.
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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