CHATSWORTH, Calif., July 21, 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 recently received payment for two C1000 Signature Series microturbines for a flare gas utilization project in the Republic of Uzbekistan that is expected to ship in the second quarter.
BPC Engineering, Capstone’s largest distributor in Russia, released the order, which is expected to be commissioned in November 2016. Capstone microturbines were selected for their low emissions and ability to run on associated petroleum gas, also known as flare gas.
The flare gas-fueled C1000 Signature Series microturbines will provide primary power to an oil and gas production facility as well as help to eliminate routine flaring onsite. The 2MW system will also power the facility’s water pump and cooling systems. Utilizing the flare gas, that would otherwise be wasted, reduces the company’s overall energy cost. In addition, it helps the environment by eliminating the need to import power from the local utility, reducing their overall carbon footprint.
According to the World Bank ( www.worldbank.org ), the “Zero Routing Flaring by 2030” initiative, as introduced by the World Bank in 2015, brings together governments, oil companies and development institutions who agree to cooperate to eliminate routine flaring no later than 2030. Capstone expects that this initiative will help further expand the flare gas market for Capstone products.
“This is another important step in BPC’s business recovery process. The pace of paying and taking delivery of Capstone products appears to be increasing and these product shipments play an important role in Capstone’s cash planning process. BPC is required to pay prior to shipment for all product releases from backlog, and to pay an additional 15 percent of the total value for each shipment in order to lower their past-due accounts receivable balance,” said Darren Jamison, Capstone's President and Chief Executive Officer. “These two megawatts will be the first Signature Series product shipments to BPC and should further improve performance and overall customer satisfaction,” added Mr. Jamison.
“Oil and gas companies continue to turn to Capstone and our distribution partners to help reduce associated gas flaring. Capstone microturbines, combined with BPC’s Compex gas processing and compression systems, operate efficiently and reliably on the most challenging associated gases,” said Jim Crouse, Executive Vice President of Sales and Marketing at Capstone.
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 United States, Latin America, Europe, Middle East, China and Singapore.
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This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the advantages of our oil and gas applications, the recovery of the Russian economy and the market growth in Russia and flare gas. 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.
“Compex” is a registered trademark of BPC Engineering.
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
