Capstone’s Russian Distributor Secures Flare Gas Project in the Republic of Uzbekistan
July 21 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 recently
received payment for two C1000 Signature Series microturbines for a
flare gas utilization project in the Republic of Uzbekistan that is
expected to ship in the second quarter.
BPC Engineering, Capstone’s largest distributor in Russia,
released the order, which is expected to be commissioned in
November 2016. Capstone microturbines were selected for their low
emissions and ability to run on associated petroleum gas, also
known as flare gas.
The flare gas-fueled C1000 Signature Series microturbines will
provide primary power to an oil and gas production facility as well
as help to eliminate routine flaring onsite. The 2MW system will
also power the facility’s water pump and cooling systems. Utilizing
the flare gas, that would otherwise be wasted, reduces the
company’s overall energy cost. In addition, it helps the
environment by eliminating the need to import power from the local
utility, reducing their overall carbon footprint.
According to the World Bank (www.worldbank.org), the “Zero
Routing Flaring by 2030” initiative, as introduced by the World
Bank in 2015, brings together governments, oil companies and
development institutions who agree to cooperate to eliminate
routine flaring no later than 2030. Capstone expects that this
initiative will help further expand the flare gas market for
Capstone products.
“This is another important step in BPC’s business recovery
process. The pace of paying and taking delivery of Capstone
products appears to be increasing and these product shipments play
an important role in Capstone’s cash planning process. BPC is
required to pay prior to shipment for all product releases from
backlog, and to pay an additional 15 percent of the total value for
each shipment in order to lower their past-due accounts receivable
balance,” said Darren Jamison, Capstone's President and Chief
Executive Officer. “These two megawatts will be the first Signature
Series product shipments to BPC and should further improve
performance and overall customer satisfaction,” added Mr.
Jamison.
“Oil and gas companies continue to turn to Capstone and our
distribution partners to help reduce associated gas flaring.
Capstone microturbines, combined with BPC’s Compex gas processing
and compression systems, operate efficiently and reliably on the
most challenging associated gases,” 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.
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 oil and gas applications, the recovery of the
Russian economy and the market growth in Russia and flare gas.
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.
“Compex” is a registered trademark of BPC Engineering.
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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