Capstone Secures its 14th C1000 Signature Series Unit for the Oil & Gas Market Since February – Latest C1000S 1 MW Order to Power a Gas Processing Facility in Southern Texas
VAN NUYS, Calif., June 12, 2018 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today it sold a C1000S, representing its fourteenth C1000 Signature Series unit, which includes the C1000S, C800S and C600S, into the oil and gas market since February 2018. The latest order is for a 1 megawatt (MW) unit to power a gas processing facility in Southern Texas. The unit will provide prime power at a remote gas processing facility. Horizon Power Systems secured the order, which is expected to be commissioned in late 2018.
“We are encouraged to see the continued increase in activity in the oil and gas space as this order marks Capstone’s 14th C1000 Signature Series unit totaling 12.2 MW sold into the oil industry since February,” said Darren Jamison, President and Chief Executive Officer of Capstone. “Our long-established history in the industry and the thousands of units in operation, serving the oil and gas market, has positioned us for continued growth as oil prices continue to recover over the summer,” added Mr. Jamison.
Brent crude oil prices have risen to levels not seen since the collapse of 2014. This steady recovery in oil prices to levels above $75 a barrel has been fueled by a number of factors including the Organization of the Petroleum Exporting Countries’ (OPEC) efforts to curb global production, which has had the biggest influence on crude values, as well as Venezuela’s oil output issues and the overall growing demand for oil for the upcoming summer driving season, all of which are likely to create additional demand for oil. In addition, the Trump Administration’s recent political reshuffle and the impact that it may have on the termination of the Iran nuclear deal and the associated geopolitical tensions in the Middle-East may add even more upward pressure on oil prices.
The natural gas-fueled Signature Series C1000 microturbine will be used to provide primary power to critical equipment at the gas processing plant. The plant is located in a remote area of Texas with no utility power available at the site. The operators turned to Capstone microturbines because of their reliability, efficiency and low maintenance requirements. Any loss of power at an oil and gas site can result in significant losses for the operator. Having a reliable and efficient source of power is critical to ensuring business continuity at the facility.
“We are proud of the progress the Capstone distribution network is making as the distributed generation revolution continues,” said Jim Crouse, Executive Vice President of Sales and Marketing for Capstone. “We are making a significant impact to the bottom line of dozens of oil and gas operators by providing a reliable and efficient solution to their operation,” 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.
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," "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.
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Released June 12, 2018