Capstone Secures Significant 1 MW Flare Gas Project with Ecopetrol, the Largest National Oil Company in Colombia
VAN NUYS, CA / ACCESSWIRE / November 18, 2019 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today it secured its first-ever flare gas project in Colombia with Ecopetrol, one of the top 25 oil companies in the world. Supernova Energy Services, Capstone's exclusive distributor for Colombia and Venezuela, secured the order for the 1 megawatt (MW) project, which is expected to be commissioned by the end of the year.
Ecopetrol is one of the largest oil producers in the world, with multiple hydrocarbon extraction fields throughout Colombia. Looking to replace one of its reciprocating engine generators in the Rio Ceibas Field, engineers turned to Capstone's regional distributor for a reliable and low maintenance solution.
"Capstone receiving this order for a flared gas application in the Colombia region illustrates how consumers are beginning to turn to alternative solutions when it comes to the uneconomical flaring of associated gases," said Darren Jamison, Capstone's President and Chief Executive Officer. "This order comes on the heels of a recent order of a 1 MW project secured by Supernova in September, and adds to their current 8.2 MW microturbine installed base," added Mr. Jamison.
The C1000 Signature Series will provide electrical power for site operations with associated gas from the oil extraction process that would have otherwise been flared into the atmosphere. In addition, the system is expected to provide continuous operation at the oil field, resulting in improved site efficiency while simultaneously reducing the impact on the surrounding environment.
Capstone microturbines are recognized in the oil and gas industry for their strong performance and reliability. Along with their rugged reputation, the microturbines require minimal maintenance. Low maintenance equates to lower operating expenses, allowing the customer to save money in conservative economic environments.
"Capstone's Signature Series systems continue to build on their reputation as a go-to-solution for the oil and gas industry," said Jim Crouse, Capstone's Executive Vice President of Sales and Marketing. "Due to their low maintenance and high reliability, our microturbine solutions are an ideal choice for oil and gas operators compared to traditional reciprocating engines," concluded Mr. Crouse.
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.
"Capstone" and "Capstone Microturbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
Capstone Turbine Corporation
nvestor and investment media inquiries:
Integra Investor Relations
Shawn M. Severson
SOURCE: Capstone Turbine Corporation
View source version on accesswire.com:
Released November 18, 2019