Capstone Secures C200 Order for One of the Largest Gas Field Reserves in Europe
VAN NUYS, Calif., Jan. 29, 2019 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq: CPST), the world’s leading clean technology manufacturer of microturbine energy systems, announced today that is has secured an order for a C200 from Capstone’s distributor in Italy, Fores Engineering. The system will be installed on an unmanned offshore production platform in the North Sea.
The C200 microturbine will ship with specifically designed packaging making it capable of withstanding the harsh elements expected on an unmanned offshore platform. The Capstone system will provide prime power for the entire platform. Looking for a solution that would tolerate gas quality fluctuations and meet the rigorous emissions regulations in the region, the operator turned to Capstone’s regional oil and gas distributor for a reliable, low emission solution.
“Capstone’s C200 systems continue to build a reputation as a go-to-solution for unmanned offshore oil and gas operations,” said Darren Jamison, President and Chief Executive Officer at Capstone Turbine Corporation. “Most of the time these offshore platforms are very remote and not easily accessible. The fact that our microturbines require very low maintenance due to our patented air bearing technology makes them the ideal choice compared to traditional reciprocating engine generators,” added Mr. Jamison.
Located in the Southern North Sea offshore from the United Kingdom, Tolmount is the largest gas prospect for the area in recent years. The greater Tolmount reserves are estimated to contain up to one trillion cubic feet of gas with first gas extraction targeted in 2020. The field is expected to produce gas for 10 to 15 years.
“Following what seemed to be an industrywide slowdown in investments for oil and gas production due to volatile oil and gas prices, producers appear to be again starting to invest in new operations worldwide,” said Jim Crouse, Executive Vice President of Sales and Marketing. “Whether onshore or offshore, our microturbines have proven themselves a reliable investment,” 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,” “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 Corporation
Investor and investment media inquiries:
Integra Investor Relations
Shawn M. Severson
Released January 29, 2019