CHATSWORTH, Calif., Nov. 10, 2015 (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 microturbines to provide combined heat and power ("CHP") in Hungary.
Regale Energy Zrt, Capstone's Hungarian distributor, secured the order, which is expected to be commissioned in May 2016.
"Regale in Hungary is another great example of the progress we are making with geographical and market diversification by working closely with our newer distributors to rapidly expand their business as quickly as possible," said Darren Jamison, President and Chief Executive Officer of Capstone Turbine. "The CHP energy efficiency market continues to expand globally and last quarter comprised 68% of our sales," Mr. Jamison continued.
Both C1000 microturbines will be installed in a grid connect configuration to provide electricity to the customer's facility. The microturbines will be deployed in a CHP application that allows the customer to utilize the thermal energy from the exhaust for local processing and production purposes. Capstone microturbines were selected for their low emissions profile and their ability to significantly reduce the customer's operational costs.
According to the International Energy Agency (IEA), regional cooperation is a vital element of Hungary's energy market and energy security policy. With Hungary on track to meet its 2020 non-ETS GhG emissions, efficiency and renewable energy targets, the country is well positioned to improve its regional energy security by working towards the integration of regional markets for electricity and natural gas. Additionally, the Energy Union claims to be helping with the reduction of Hungary's dependency on a single external supplier, both for natural gas and nuclear fuel.
"Capstone is encouraged to see our global CHP markets continue to grow globally, especially in countries that are seeking energy independence," said Jim Crouse, Executive Vice President of Sales and Marketing at Capstone Turbine. "Repeat business like this helps to solidify Capstone microturbines as the most reliable and efficient energy solution available," 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 8,500 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.
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This press release contains "forward-looking statements," as that term is used in the federal securities laws, about growth of the CHP market and increased sales in Hungary. 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.
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Capstone Turbine Corporation Investor and investment media inquiries: 818-407-3628 INVESTORS: Dian Griesel Int'l Cheryl Schneider/Tom Caden 212-825-3210
