Capstone Receives Order for Two C800S for Onshore Oil and Gas Production Facility
December 10 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 two C800 Signature Series microturbines that will be used
for onshore oil and gas production.
Cal Microturbine, Capstone’s exclusive distributor in
California, secured the order for two C800S with advanced
state-of-the-art Capstone controllers. The systems will use
associated gas to provide electricity during onshore production of
oil in a facility located in Southern California. Set for
commissioning during spring 2019, the units will help the customer
expand production operation capacity while offsetting its annual
power purchased from utility companies. The gas producer sought low
emission gas turbines as an alternative to traditional flaring to
not only meet California’s strict emissions regulations but to also
improve overall efficiency.
“California as a whole continues to impose stricter
environmental regulations on oil and gas production causing more
companies to seek out new and more environmentally friendly ways to
improve production. Capstone microturbines offers an effective way
for companies to produce energy while being socially responsible,”
said Darren Jamison, Capstone’s President and Chief Executive
Officer.
“Flaring is a waste of natural resources and has a significant
impact on the environment, not to mention the associated health
issues. As Capstone microturbines use associated gas to generate
low-emission power, its use can eradicate the need to flare
associated gases and enable producers to utilize otherwise wasted
gas for production,” added Mr. Jamison.
California is consistently ranked amongst the top oil producers
in the nation following areas such as Texas’ Permian Basin.
According to the 2017 Report of California Oil and Gas Production
Statistics, the state’s net gas production for both associated and
non-associated gas for 2017 was 162.7 billion cubic feet, an
increase of 3.6% over 2016.
“Cal Microturbine continues to find new opportunities in the oil
and gas space in California, and we continue to see growth in
orders and in the global sales pipeline for oil and gas,” stated
Jim Crouse, Executive Vice President of Sales and Marketing of
Capstone Turbine.
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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