Capstone Receives Additional Follow-on Order for Australian Coal Seam Gas Company
CHATSWORTH, Calif., Jan. 21, 2016 (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 received an additional follow-on order for a large Australian coal seam gas company.
The initial order in July 2008 was for the supply of 112 C30 microturbines, which was later increased to 154 C30s in 2009. The first follow-on contract was for 44 C30 microturbines in September 2012, and in January 2013 they ordered 36 additional units, followed by another 14 units in December 2013. This latest order is for another 8 units, bringing the total number of microturbines sold to date to 256. These orders are part of a periodical supply contract for the life of the coal seam development project.
“The coal seam gas market continues to develop as coal seam operators convert this gas into clean on-site power generation," said Darren Jamison, Capstone's President and Chief Executive Officer. "It’s rewarding to see satisfied repeat customers continue to come back and add to their already large fleets of operating microturbines. In addition, Australia has been a key geographical focus for Capstone, similar to Latin America, Africa and the Middle East," added Mr. Jamison.
Optimal Group, Capstone’s Australian distributor, secured the latest follow-on order, which is currently scheduled to be commissioned in mid-2016. In Australia, coal seam gas is plentiful. Coal seam gas has been known about ever since the coal mining industry began in Australia in the early 1900s. With advances in technology, it has developed into a key transition fuel, helping to lower Australia's carbon emissions as the country moves to a lower carbon future.
"Optimal Group’s business in Australia continues to expand in oil and gas, coal seam gas and the combined heat and power markets. In fact, they are currently our second largest distributor in terms of revenue generation over the trailing four quarters," said Jim Crouse, Capstone's Executive Vice President of Sales and Marketing. “I am confident that Australia will deliver substantial growth year-over-year and help offset slowdowns in other geographies,” 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 Turbine has shipped over 8,600 Capstone Microturbine 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, United Kingdom, Mexico City, 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 advantages of our products and the growth of the coal seam gas market. 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 INVESTORS: Dian Griesel Int’l Cheryl Schneider/Tom Caden 212-825-3210
Released January 21, 2016
