Capstone Secures C1000 Signature Series Order With One of Australia’s Largest Energy Companies
VAN NUYS, Calif., Feb. 21, 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 it has secured an order with one of Australia’s largest energy companies for a C1000 Signature Series microturbine.
The order secured by Optimal Group, Capstone's exclusive Australian distributor, marks the second C1000S order for the country’s growing oil and gas operations in recent months. The C1000S unit will run on butane and produce electricity to provide power for all the on-site equipment at a gas processing plant. The plant processes gas from various fields by removing propane, butane, and condensate so that the remaining sales-quality gas can be distributed to domestic and commercial customers. Currently, butane is considered a waste gas due to its low economic value.
“The butane byproduct obtained during the processing of other, more valuable gases will be used to power our low emission microturbine system making this a model waste to energy project with significant economic benefit,” said Darren Jamison, President and Chief Executive Officer of Capstone. “At Capstone we pride ourselves in helping customers improve their operations by reducing their overall carbon footprint, saving money and eliminating waste,” added Mr. Jamison.
Capstone reported that it saved end-use customers an estimated $194 million in annual energy costs and 314,000 tons of carbon last fiscal year. The carbon savings compare to the annual equivalent carbon reduction from approximately 369,800 acres of forest or removing over 67,000 passenger vehicles from the road for a year.
Australia is a leading exporter of a range of natural resources including coal, crude oil, and liquefied natural gas (LNG) with most exports going to support increasing energy demand in Asia. According to Australia’s Department of the Environment and Energy, LNG exports increased by 41 percent in 2016–17, to 2,865 petajoules (around 52 million tonnes). Additionally, exports of Australian LNG have increased by an average of 16 percent a year over the past decade.
“The Australian market has presented unique opportunities for our solutions and Optimal Group has been able to identify customers that can benefit from the advantages the Capstone microturbine solution offers,” said Jim Crouse, Capstone’s Executive Vice President of Sales and Marketing. “This project is just one more example of how our global distributor network is using Capstone technology to solve the energy challenges in their assigned regions,” added 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.
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Released February 21, 2019