Capstone Secures Another 2MW Order for Flare Gas Reduction in California
CHATSWORTH, Calif., Dec. 27, 2017 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that it received an order for two C1000 Signature Series microturbines to power an oil and gas site in California. Cal Microturbine, one of Capstone’s distributors for California, secured the order.
The oil and gas site is in a remote location with no access to the electrical grid. The reliable microturbines were selected for their ability to convert the associated gas, which is extracted along with the oil, into clean electricity to power critical on-site equipment.
Additionally, California has some of the strictest air emissions regulations in the world. Capstone microturbines eliminate the need for expensive and environmentally unfriendly diesel engines to power the site, while simultaneously utilizing a “waste” product in the form of the associated gas, which would typically be vented or flared into the atmosphere.
“Brent crude oil prices continue to remain well above fifty dollars a barrel which is fueling a rebound in our oil and gas business,” said Darren Jamison, President and Chief Executive Officer of Capstone. “The rebound in our oil and gas business combined with our growing energy efficiency business should drive year-over-year revenue growth, which when combined with the progress we have made on our multi-point strategic profitability plan moves us much closer to Adjusted EBITDA breakeven for the very first time in company history,” added Mr. Jamison.
“Capstone has a long history of success with the oil and gas industry in California,” said Jim Crouse, Executive Vice President of Sales and Marketing for Capstone. “As the oil and gas market continues to recover and adapt to stricter environmental regulation, Capstone has the products and services required to meet the current and future needs of the industry.”
Adjusted EBITDA is defined as net income before interest, provision for income taxes, depreciation and amortization expense, stock-based compensation expense, the change in warrant valuation and restructuring charges. Adjusted EBITDA is not a measure of our liquidity or financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of our liquidity.
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 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 advantage of our products and sales into the oil and gas industry. 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
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Released December 27, 2017