Capstone Secures First C200 Signature Series Microturbine Order in Northeastern India as Exploration Increases
May 30 2019 - 08:30AM
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
its first C200 Signature Series microturbine order headed for
India.
The order secured by Brio Energy Pvt. Ltd., Capstone’s exclusive
distributor in India, marks the first C200 Signature Series
microturbine order for the country’s growing oil and gas
operations. The unit is scheduled to be commissioned in July and
will be installed in Assam, a state located in the northeastern
region of India. The flare gas-fueled C200S microturbine will
generate on-site power for the remote oilfield operation while at
the same time reducing the flaring of associated gas which
negatively impacts the environment.
India is a developing mixed economy and the world’s
seventh-largest economy by nominal gross domestic product (GDP).
India is the third-largest market by purchasing power parity (PPP).
The country ranks 139th in per capita GDP and has one of the higher
average GDP growth rates in the world.
Darren Jamison, President and Chief Executive Officer of
Capstone, said, “Capstone built its near-term profitability plan
around four core business initiatives and key strategic pillars:
Improve Cash Flows; Double-Digit Revenue Growth; Improve
Diversification and Increase Operating Expense Absorption.”
“India is a newly developing market for Capstone and has the
potential to become a significant part of our double-digit revenue
growth plan and would contribute to our revenue diversification
initiative. This initiative yielded positive results in fiscal
2019, where we sold to 63 different distributors in 41 different
countries,” added Mr. Jamison.
Due to the remote nature of some of these locations, such as the
one in Assam, production is sometimes not practical. Operators not
only have to spend immense capital on exploration, but the
operators must also find a way to run power or deliver diesel fuel
daily. Capstone turbines offer the operator the ability to use
available wellhead gas as free fuel for low emission,
high-reliability onsite power generation.
India is currently a net importer of oil and gas as the country
is the third largest energy consumer globally. Through new policies
and foreign investments focusing on increased oil exploration,
India is looking to reduce its oil import requirement to 67%, down
from 82%.
“This is a promising win for our local distributor, and we
anticipate capitalizing on this first installation with increased
business going forward. Oil deposits were first discovered in the
region pre-1900 but it was not until recent years that we saw a
push by the government to grow production,” said Jim Crouse,
Capstone’s Executive Vice President of Sales and Marketing.
“Realizing that there is increased need, the Government in India
announced that it has plans to expand the existing gas pipeline
network across the country by committing nearly $10 billion USD to
the project. In addition, there are renewed efforts to bring
foreign and local investments to increase the production of crude
oil, natural gas, and liquefied petroleum gases,” concluded Mr.
Crouse.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:
CPST) is the world’s leading producer of highly efficient,
low-emission, resilient microturbine energy systems. Capstone
microturbines serve multiple vertical markets worldwide, including
natural resources, energy efficiency, renewable energy, critical
power supply, transportation and microgrids. Capstone offers a
comprehensive product lineup, providing scalable systems focusing
on 30 kWs to 10 MWs that operate on a variety of gaseous or liquid
fuels and are the ideal solution for today's distributed power
generation needs. To date, Capstone has shipped over 9,000 units to
73 countries and has saved customers an estimated $253 million in
annual energy costs and 350,000 tons of carbon.
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 |
Capstone Turbine (NASDAQ:CPST)
Historical Stock Chart
From Feb 2024 to Mar 2024
Capstone Turbine (NASDAQ:CPST)
Historical Stock Chart
From Mar 2023 to Mar 2024