Capstone Secures 2.8MW Order for Repeat Oil and Gas Customers in Marcellus Shale Play
February 14 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 a new
order and order releases for a C800 Signature Series microturbine
and two C1000 Signature Series microturbines for two repeat oil and
gas customers operating in the Marcellus Shale play.
E-Finity Distributed Generation, Capstone’s distributor for the
Mid-Atlantic and Southeastern United States, secured the projects,
which are both expected to be commissioned in July 2017. Capstone
microturbines were selected again based on proven reliability in
the field, the responsiveness of the E-Finity service team and the
improvements made to the new Capstone Signature Series product
offering.
“A rebound in the oil and gas market is important to Capstone as
we continue to improve our vertical market mix, with oil, gas and
other natural resources comprising 38% of revenue compared with 22%
of revenue in last year’s third quarter,” said Darren Jamison,
Capstone’s President and Chief Executive Officer.
The three microturbines, fueled by wellhead natural gas taken
directly from the pipeline, will provide primary electrical power
for multiple compression stations. The microturbines will act as
the primary energy source for these remote sites and ensure a
steady flow of power while keeping area emissions ultra low.
According to the U.S. Energy Information Administration (EIA),
natural gas production in the Appalachian basin from the Marcellus
and Utica shales has grown significantly. A number of new pipeline
projects, of which are in various stages of the approval process,
could significantly boost the takeaway capacity out of the region
by the end of 2018.
“We believe these orders, by two of our largest repeat
customers, is an indication of a resurgence in the Marcellus and
Utica Shale and a sign of activity for new feeder pipeline projects
to come,” said Jeff Beiter, E-Finity’s Managing Partner. “This
activity will have a significant impact for E-Finity’s planned
downstream combined heat and power (CHP) projects, throughout its
Mid-Atlantic and Southeastern territories, as it will provide more
affordable natural gas to end-use customers,” added Mr. Beiter.
“As the oil and gas industry starts to rebound, we are beginning
to see a revitalization of the Marcellus Shale play,” said Jim
Crouse, Capstone’s Executive Vice President of Sales and Marketing.
“Repeat orders like these allow us to further showcase Capstone’s
industry-leading technology and save our customers money at the
meter,” 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 and reliability of Capstone products, the improvements
related to Capstone’s Signature Series product offerings, the
rebound of the oil and gas market, and the increase of sales into
such markets. 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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