Capstone Secures Another 2MW Order for Flare Gas Reduction in California
December 27 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 C1000 Signature Series microturbines to power an oil
and gas site in California. Cal Microturbine, one of Capstone’s
distributors for California, secured the order.
The oil and gas site is in a remote location with no access to
the electrical grid. The reliable microturbines were selected for
their ability to convert the associated gas, which is extracted
along with the oil, into clean electricity to power critical
on-site equipment.
Additionally, California has some of the strictest air emissions
regulations in the world. Capstone microturbines eliminate the need
for expensive and environmentally unfriendly diesel engines to
power the site, while simultaneously utilizing a “waste” product in
the form of the associated gas, which would typically be vented or
flared into the atmosphere.
“Brent crude oil prices continue to remain well above fifty
dollars a barrel which is fueling a rebound in our oil and gas
business,” said Darren Jamison, President and Chief Executive
Officer of Capstone. “The rebound in our oil and gas business
combined with our growing energy efficiency business should drive
year-over-year revenue growth, which when combined with the
progress we have made on our multi-point strategic profitability
plan moves us much closer to Adjusted EBITDA breakeven for the very
first time in company history,” added Mr. Jamison.
“Capstone has a long history of success with the oil and gas
industry in California,” said Jim Crouse, Executive Vice President
of Sales and Marketing for Capstone. “As the oil and gas market
continues to recover and adapt to stricter environmental
regulation, Capstone has the products and services required to meet
the current and future needs of the industry.”
Adjusted EBITDA is defined as net income before interest,
provision for income taxes, depreciation and amortization expense,
stock-based compensation expense, the change in warrant valuation
and restructuring charges. Adjusted EBITDA is not a measure of our
liquidity or financial performance under GAAP and should not be
considered as an alternative to net income or any other performance
measure derived in accordance with GAAP, or as an alternative to
cash flows from operating activities as a measure of our
liquidity.
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
advantage of our products and sales into the oil and gas industry.
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 CorporationInvestor and investment
media inquiries:818-407-3628ir@capstoneturbine.com
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