Capstone Secures C1000 Signature Series Unit Order for Australia’s Leading Oil and Gas Exploration and Production Company
December 05 2018 - 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 has secured an
order for one C1000 Signature Series unit that will be shipped to
Australia’s leading oil and gas exploration and production company.
The order secured by Optimal Group, Capstone’s Australian
distributor, will be used for the production of crude oil. The
system will be replacing a gas turbine power plant to power linear
sucker rod pumps. Due to the type of load, Capstone’s solution was
seen as the best option. This is the first microturbine that will
be used in a project that includes hundreds of kilometers of
underground transmission lines, train transportation, and storage
facilities that have been supplying gas for Australian and Asian
markets since 2015. To meet the increased production and demand,
more wells are being drilled and producers are looking to improve
efficiency.
“The region is currently undergoing a gas supply shortage that
is driving new investments from producers seeking ways of lowering
operating cost while still meeting the demand,” said Darren
Jamison, President and CEO of Capstone Turbine.
In recent years, Australia’s energy exports have grown by 4% as
new infrastructure to support the increased demand continues to
come online. Apart from crude oil, Australia is forecasted to
become the number one exporter of natural gas. According to
Australia’s Energy Market Operator, by 2020 approximately 80% of
natural gas production in the country will be exported, making
Australia one of the biggest exporters of liquefied natural gas
(LNG) in the world.
“In recent years, Australia has emerged as a leader in gas
production,” said Jim Crouse, Executive Vice President of Sales and
Marketing of Capstone Turbine. “We anticipate this region to
continue growing in terms of export,” concluded 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 DQS-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.
For more information about the company, please visit
www.capstoneturbine.com. Follow Capstone Turbine on Twitter,
LinkedIn and YouTube.
Forward-Looking Statements
This press release contains “forward-looking statements,” as
that term is used in the federal securities laws. Forward-looking
statements may be identified by words such as “expects,”
“believes,” “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
Integra Investor RelationsShawn M.
Severson415-226-7747cpst@integra-ir.com
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