Capstone Turbine (Nasdaq: CPST) Lands Important Follow-on Order for One of The Largest & Most Diversified Midstream Energy Companies in The U.S.
VAN NUYS, CA / ACCESSWIRE / March 17, 2020 / Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that it landed an important follow-on order for one of the largest and most diversified midstream energy companies in the United States.
As a company, it is part of Capstone Turbine's mission to help improve the oil and gas industry by offering cleaner and greener power solutions that reduce methane emissions while utilizing associated gas that would otherwise be flared into the atmosphere adding to global climate change. During fiscal year 2019, Capstone reported that it saved end-use customers an estimated $253 million in annual energy costs and 350,000 tons of carbon.
The follow-on order for a Signature Series 800 kilowatt (kW) microturbine was secured by Horizon Power Systems (www.horizonpowersystems.com), Capstone's distributor for the Western Mountain States of the United States and Western Canada. The C800 Signature Series stand-alone microturbine will run all-electric power equipment at a remote operation while running on locally available high-pressure natural gas. The microturbine was selected as the unit meets stringent air quality regulations for emissions, low maintenance intervals, and high reliability.
The U.S. Energy Information Administration (EIA) recently announced that the price of natural gas in the U.S. has fallen to its lowest level in 20 years. The data shows that natural gas prices recently fell to $1.77 per million British Thermal Units (BTUs), and the EAI reports that U.S. natural gas production has hit an all-time high this year as the shale oil and gas revolution keeps rolling on.
"Microturbines help midstream processing, storing, and transporting become green by using available associated gas to produce power while reducing gas flaring and site emissions," said Jim Crouse, Chief Revenue Officer of Capstone. "Cost savings come from the fact that our microturbines can eliminate the need for utility power, thus providing two types of green," added Mr. Crouse.
This boom in natural gas production has affected the economy of every state, from Ohio and Pennsylvania to Texas, Oklahoma, Colorado and the Dakotas. America is now the Saudi Arabia of natural gas and is exporting more throughout the world than at any previous time in its history.
"It's hard to believe that a decade ago, we were importing natural gas. Thanks to fracking and horizontal drilling technologies that are continually becoming more efficient, we now have hundreds of years of supply of low-cost natural gas," said Darren Jamison, President and Chief Executive Officer of Capstone. "Low-cost natural gas is key to energy intensive U.S. industrial companies that need to compete on a global basis against lower cost countries like China, India or Mexico," concluded Mr. Jamison.
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 in FY19, 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.
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Released March 17, 2020