Capstone Secures 1.2MW Order to Provide Power to an Oil Field Project in Libya
CHATSWORTH, Calif., April 06, 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 order for two C600 microturbines for an oil field project in Libya.
MicroTurbine Power, Capstone’s distributor in North Africa and parts of the Middle East, secured the new order, which is expected to be commissioned in late 2016. Capstone microturbines were selected for their reliability and low operational cost. With only one moving part, a patented air bearing, no coolants or lubricants, and with minimal maintenance requirements, Capstone microturbines make the ideal choice for high ambient temperature and harsh remote environments.
The diesel-fired C600 microturbines will be installed in a standby power application and configured to back up critical loads. In the event of a power outage, the microturbines will provide backup power to onsite water pumps and other oil and gas equipment. When needed, the electricity generated by the microturbines can cover nearly all the energy needs of the site, giving the customer enhanced reliability for operational stability.
Darren Jamison, President and Chief Executive Officer of Capstone Turbine, said, “We have identified Africa as one of our strategic growth markets along with Mexico, South America, Eastern Europe, Australia, China and the Middle East. Africa provides considerable growth opportunities in traditional applications such as oil and gas, industrial CHP and biogas, and in remote micro-grid applications that successfully operate in concert with wind, solar and storage technologies.”
“Concentrated efforts on improving our geographical diversification are a key strategic initiative and part of our overall business recovery plan. We are pleased to see that our sales and marketing efforts are resulting in significant new bookings from within our targeted growth areas. As the energy efficiency and CHP market verticals continue to show steady growth, they have helped to offset the downturn we have been experiencing in the oil and gas markets,” added Mr. Jamison.
According to the International Energy Agency (IEA), the growth in installed electricity generation in Libya reflects higher economic growth and greater investment in the oil and natural gas sectors. Despite the growth in electricity generation and a high electrification rate, Libya still suffers from regular power outages.
“MicroTurbine Power is making impressive progress as they are diligently expanding our presence in the African oil and gas market,” said Jim Crouse, Executive Vice President of Sales and Marketing at Capstone Turbine. “By leveraging our demonstrated success in oil and gas operations around the world, Capstone is able to meet the demanding requirements of oil and gas producers in challenging environments such as Africa,” 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 approximately 8,700 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 applications, the market potential in Libya and other countries and regions, growth and market opportunities in Africa, and expected product completion and commissioning dates. 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 April 6, 2016
