Capstone Receives 5MW Follow-On Order From Genalta Power Inc. in Canada
CHATSWORTH, Calif., Sept. 25, 2012 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean-technology manufacturer of microturbine energy systems, today announced that it received a follow-on order for five C1000 Power Packages from Genalta Power Inc. in Canada. The initial order from Genalta Power was for three C1000 Power Packages in September 2011.
Genalta Power is a privately held Canadian corporation that develops, owns, and operates independent power plants that produce environmentally friendly electricity from waste energy sources.
The five Capstone C1000s will be installed at two of Genalta client's natural gas processing plants and will be fueled by natural gas captured from oil and gas flares. Today, a number of refineries, landfills, and wastewater treatment plants flare waste gas into the atmosphere, which increases CO2 gas emissions and global warming. Capstone microturbines are an ideal solution since they use the waste gas to produce reliable and clean renewable energy onsite.
"Genalta is committed to transforming waste heat, waste fuel gas, and waste pressure into power that can be used at client sites or sold back to the grid," said Graham Illingworth, Genalta CEO. "Capstone microturbines offer a good power solution for these types of renewable energy applications, and we are pleased to be expanding our fleet of Capstone turbines from 3MW to 8MW."
"Capstone is honored to receive this significant follow-on order from an innovative and forward looking company like Genalta Power," said Darren Jamison, Capstone's President and Chief Executive Officer. "Similar to the approach in Russia, Canada has enacted strict regulations to reduce gas flaring among various industries. Capstone microturbines are playing a key role in helping customers meet those new flare gas regulations and provide clean and reliable energy."
Jim Crouse, Capstone's Executive Vice President of Sales and Marketing, added, "This follow-on sale points to Capstone's opportunity to expand significantly our established presence in the Canadian oil and gas industry. Capstone and its distribution partners are developing considerable experience and strong relationships with oil and gas producers throughout the world."
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 Turbine has shipped over 6,500 Capstone MicroTurbine(R) systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone Turbine 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 UL-Certified ISO 9001:2008 and ISO 14001:2004 certified company; Capstone is headquartered in the Los Angeles area with sales and/or service centers in the New York Metro Area, Mexico City, Nottingham, Shanghai and Singapore.
The Capstone Turbine Corporation logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=6212
This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the reliability and environmental advantages of our products and the growth of our business in the oil and gas industry. Forward-looking statements may be identified by words such as "expects," "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:
818-407-3628
ir@capstoneturbine.com
Released September 25, 2012
