Capstone to Provide 2MW of Clean Power for Leading Chinese Offshore Oil Company
January 13 2016 - 7:30AM
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 microturbines to provide clean power for a
leading offshore oil company operating in the South China Sea.
Top-Well Services, Inc., Capstone’s oil and gas distributor in
China, secured the order, which is expected to be commissioned in
mid-2016.
“The associated gas market continues to develop globally as oil
and gas operators convert this on-site waste gas stream into clean
onsite power generation," said Darren Jamison, Capstone's President
and Chief Executive Officer. "I think we are seeing the markets in
Asia become more sensitive to environmental emissions and pollution
in general, which better aligns them with our core value
proposition," added Mr. Jamison.
Both C1000 microturbines will be installed on an existing oil
production platform and fueled by the associated gas that is piped
directly from the wellhead. The microturbines will provide
supplementary electrical power to meet the platform’s production
demands and lower the emissions from its conventional flare stack.
Capstone microturbines were selected for their high reliability in
the field as well as their ability to significantly reduce
operational costs and flare emissions.
According to the U.S. Energy Information Administration (EIA),
the South China Sea is rich in resources and offers the potential
for significant hydrocarbon discoveries. The EIA also expects China
to account for 43 percent of liquid fuel consumption growth in
non-OECD Asia.
“We are encouraged to see orders like this stem from countries,
like China, that promote the use of natural gas as a preferred
energy source,” said Jim Crouse, Executive Vice President of Sales
and Marketing at Capstone Turbine. “The many economic and
environmental benefits of owning a Capstone microturbine are
intended to evoke positive change in the way the world generates
power,” 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
http://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 associated 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
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