Capstone to Ship First Signature Series Microturbine for Oil & Gas Operations in Utica Shale Play
CHATSWORTH, Calif., July 31, 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 a C600S microturbine to provide prime power for an American oil and gas exploration and production company operating in the Ohio Utica Shale region.
"As crude oil trades near two month highs on the back of the reported drop in U.S. stockpiles, we are seeing increased activity in the U.S. shale market," said Darren Jamison, Capstone's President and Chief Executive Officer. "The recovering crude oil market and our growing momentum in the energy efficiency or CHP market is driving new order bookings as recently evidenced by our increased book-to-bill ratios," added Mr. Jamison.
Capstone recently announced select preliminary first quarter financial results and reported booking $35.9 million in new product orders for the six month period ended June 30, 2017, compared to $20.4 million in the same preceding six months.
E-Finity Distributed Generation, Capstone’s distributor for the Mid-Atlantic and Southeastern United States, secured the order which is estimated to be commissioned in October 2017. Capstone microturbines were selected for their ability to provide primary power in a location where no utility power is readily available, and because the customer already relies on Capstone microturbines at numerous remote water pumping and compression sites.
“This order demonstrates that pipeline construction is going to start allowing the abundant and clean-burning Appalachian natural gas to make its way into cities and communities, which will further enhance our ability to use our Capstone CHP and CCHP units for downstream businesses in the region,” said Jeff Beiter, Managing Partner at E-Finity Distributed Generation. “From wellheads to customer locations, Capstone is leading the way by delivering the energy solutions needed for reliable power generation,” added Mr. Beiter.
The C600S microturbine will operate on pipeline quality natural gas and be installed in stand-alone mode at a remote midstream natural gas compressor station in Monroe County, Ohio. The Signature Series microturbine will provide three-phase power to the remote site while reducing the customer’s carbon footprint.
“We are encouraged to see more U.S. oil and gas companies start to come back online and expand their operations in the shale-rich Ohio Basin,” said Jim Crouse, Capstone’s Executive Vice President of Sales and Marketing. “Capstone microturbines are ideal for remote oil and gas operations, especially those with harsh weather conditions,” 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 over 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 and reliability of our Signature Series product offerings, recovery of shale and oil and gas markets, increase in orders from energy efficiency or CHP markets, and increase use of Capstone products in CHP and CCHP downstream businesses. 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 July 31, 2017
