Capstone C600 Microturbine to Upgrade Offshore Oil Processing Platform in West Africa
CHATSWORTH, Calif., Sept. 8, 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 a C600 microturbine to power oil processing equipment and electrical submersible pumps on an oil platform off the western coast of Africa.
The 600 kW microturbine will run on casing gas, otherwise marked as waste during the oil production process, to help transform the platform into an oil processing platform. Additional processing equipment upgrades will be made in order to further increase the efficiency of wellhead drilling and offshore oil processing aboard the platform. The project is scheduled to be commissioned in 2016.
Offshore oil and gas platforms cannot suffer a loss of power without running the risk of potentially disastrous results. Capstone microturbines feature a patented air bearing technology with only one moving part, making them rugged, reliable and a perfect solution for any industry. The microturbines do not require oil or lubricants to operate, and they deliver power via state-of-the-art power electronics. This translates to higher machine availability and longer maintenance intervals, providing a significant performance advantage when compared to traditional reciprocating engines.
According to the International Energy Agency's (IEA) 2014 Africa Energy Outlook, energy demand in sub-Saharan Africa grew by around 45 percent from 2000 to 2012. However, with such limited access to modern energy services and a severely unreliable grid supply, many African businesses are forced to use privately owned diesel generators to supplement their load demands.
"Africa is a new growth market for Capstone as energy demand in the region has increased by 80 percent over the last decade," said Jim Crouse, Capstone's Executive Vice President of Sales and Marketing. "Africa is expected to hold a larger share of offshore capital expenditure starting in 2016, which opens up an excellent opportunity for us to provide clean and reliable microturbine power to these operations," 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.
This press release contains "forward-looking statements," as that term is used in the federal securities laws, about growth of the African 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:
Dian Griesel Int'l.
Cheryl Schneider/Tom Caden
(September 8, 2015 - 8:30 AM EDT)
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