Capstone Secures Initial Flare Gas Pilot Project in France for One of Europe's Largest Energy Producers
VAN NUYS, CA / ACCESSWIRE / October 25, 2019 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that it secured an initial order for six C65 microturbines for a critical flare gas pilot project in France. Microturbine Power (MTP), one of Capstone's exclusive European distributors, secured the initial project, which is set to be commissioned by January 2020.
The six microturbine array will provide on-site power for one of Europe's largest energy producers, utilizing the associated gas generated by one of the firm's Electrical Submersible Pump's (ESP) located at the wellhead. The microturbines will utilize the indigenous free waste fuel to reduce the purchased power from the local utility.
"We are beginning to see an increase in oil and gas producers looking to voluntarily reduce the unnecessary and wasteful flaring of associated gas and realize the value of our microturbine technology in these applications," said Darren Jamison, President and Chief Executive Officer of Capstone. "Pilot projects like this, with large energy producers, are critical to our future success in being a critical part of reducing gas flaring globally as flaring is both economically and environmentally unsound," added Mr. Jamison.
The installation will offset the site purchased utility grid power, decrease gas flaring at the remote production center and also help increase the flow rate of crude oil. The application will reduce the overall site emissions while simultaneously reducing operating expenses overall.
Once commissioned, the systems will be backed by Capstone's industry-leading Factory Protection Plan (FPP) long-term service contract, and the microturbine array will utilize the associated natural gas as an input fuel source without any gas pre-treatment. This allows the end-use customer to monetize the associated gas, keep operational costs low and reduce the negative impact on the local environment.
"This order builds further momentum for us in Europe's oil and gas market. The order is from an international energy producer whose business encompasses the full spectrum of oil and gas operations in oil and gas exploration and midstream and downstream production," stated Jim Crouse, Capstone's Executive Vice President, Sales and Marketing.
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 have saved customers an estimated $253 million in annual energy costs and 350,000 tons of carbon.
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 October 25, 2019