Capstone Secures 2MW CHP Project for Kuwait Institute for Scientific Research
CHATSWORTH, Calif., April 26, 2017 (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 C1000 Signature Series microturbines to provide distributed power for two Kuwait Institute for Scientific Research (KISR) facilities in Kuwait City, Kuwait. The project is expected to be commissioned in July 2017.
“This project will demonstrate an effective approach to supply the rapidly expanding new cities in the GCC (Gulf Cooperation Council) region with an efficient and practical solution that can meet the growing energy demand, which averages 6 to 7 percent annually,” said Ayman Al Qattan, Renewable Energy Program Manager at Kuwait Institute for Scientific Research.
A diesel-fueled C1000S microturbine will be installed in a combined heat and power (CHP) configuration at the KISR headquarters to provide prime power, and later hot water, to a newly constructed water desalination plant. A second 1MW CHP unit will be fueled by natural gas and installed at a separate KISR facility operating in the oil sector.
Both systems will utilize Capstone’s new integrated heat recovery modules that dramatically simplify product installation, serviceability and overall operation in CHP and CCHP applications. The integrated heat recovery module provides recoverable heat energy driving total system efficiency levels as high as 80 percent. Capstone microturbines were selected for their high efficiency, low emissions and potential to provide a practical solution for distributed power generation and district cooling.
“KISR is pioneering scientific excellence in Kuwait and addressing key challenges, such as environment preservation and the sustainable management of the country’s natural resources,” said Jim Crouse, Capstone’s Executive Vice President of Sales and Marketing. “We look forward to working closely with KISR and our local distributor on these groundbreaking projects,” added Mr. Crouse.
Darren Jamison, President and Chief Executive Officer of Capstone, said, “Our focus continues to be fixed on diversifying our customer base and geographic presence while increasing our business in the CHP or energy efficiency markets. The Middle East is a new growth market for Capstone and an important part of our strategic initiative. Since launching the initiative, we have sold products into Saudi Arabia, Oman, Qatar and Kuwait”, added Mr. Jamison.
According to the International Energy Agency (IEA), Kuwait is completely reliant on the burning of fossil fuels for energy generation and water desalination. Kuwait’s energy demand is expected to triple by 2030.
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 9,000 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 9001:2015 and ISO 14001:2015 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the United States, Latin America, Europe, Middle East and Asia.
This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the advantages of Capstone products and accessories including our new integrated heat recovery module; diversification of our geographical and market presence; and increased growth in the Middle East. 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 April 26, 2017
