Capstone to Supply Propane-Fueled C800 Microturbine at Large Caribbean Hotel
CHATSWORTH, Calif., May 10, 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 a C800 microturbine to power a large hotel in the Caribbean region.
Energy Systems of Caribbean, Capstone’s distributor for the Caribbean region and Puerto Rico, secured the order.
Darren Jamison, President and Chief Executive Officer of Capstone Turbine, said, “Improving our geographic diversification is a key strategic initiative and our efforts are resulting in significant new bookings from growth areas that include Mexico, South America, Eastern Europe, Australia, China, Africa and the Middle East. The market in the Caribbean region and Puerto Rico is also developing nicely as utility rates continue to increase and propane prices remain very reasonable.”
The propane-fueled C800 microturbine will provide power to multiple buildings on the hotel property and will be installed in combined heat and power (CHP) application. The microturbine will provide primary power to the facilities and the exhaust energy will be utilized to generate steam at the property, boosting the overall efficiency of the hotel’s energy system to nearly 80%.
The hotel was looking for energy independence and chose Capstone in part because of its superior performance on propane. Power in the Caribbean region can be unpredictable and subject to power fluctuations so the hotel chose to generate their own power on-site with reliable Capstone microturbines. Additionally, the microturbine-powered CHP system provides improved efficiency, helping the hotel achieve its sustainability goals.
According to the International Energy Agency (IEA), in 2015, the Caribbean Water and Power Authority collective started converting its electric generating stations to use propane instead of residual and diesel fuel oils. The Authority aims to cut its imported fuel costs by 30%.
“As we continue to see a shift in island power from traditional diesel fuel oils to cleaner propane, especially in the Caribbean region, Capstone is well positioned to provide clean, reliable power while helping the environment at the same time,” added Mr. Jamison.
“Even with low diesel prices we continue to see customers switching to propane to generate reliable on-site power,” said Jim Crouse, Executive Vice President of Sales and Marketing at Capstone Turbine. “Not only are we able to positively impact their bottom line, but we also do so with a rugged and environmentally friendly product,” 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 has shipped approximately 8,800 Capstone Microturbine systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone 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.
This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the advantages of Capstone products and CHP applications, new bookings in worldwide market growth areas, and business growth potential in the Caribbean region. 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 212-825-3210
Released May 10, 2016
