Capstone Secures C1000 Signature Series Unit Order for Australia’s Leading Oil and Gas Exploration and Production Company
VAN NUYS, Calif., Dec. 05, 2018 (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 has secured an order for one C1000 Signature Series unit that will be shipped to Australia’s leading oil and gas exploration and production company.
The order secured by Optimal Group, Capstone’s Australian distributor, will be used for the production of crude oil. The system will be replacing a gas turbine power plant to power linear sucker rod pumps. Due to the type of load, Capstone’s solution was seen as the best option. This is the first microturbine that will be used in a project that includes hundreds of kilometers of underground transmission lines, train transportation, and storage facilities that have been supplying gas for Australian and Asian markets since 2015. To meet the increased production and demand, more wells are being drilled and producers are looking to improve efficiency.
“The region is currently undergoing a gas supply shortage that is driving new investments from producers seeking ways of lowering operating cost while still meeting the demand,” said Darren Jamison, President and CEO of Capstone Turbine.
In recent years, Australia’s energy exports have grown by 4% as new infrastructure to support the increased demand continues to come online. Apart from crude oil, Australia is forecasted to become the number one exporter of natural gas. According to Australia’s Energy Market Operator, by 2020 approximately 80% of natural gas production in the country will be exported, making Australia one of the biggest exporters of liquefied natural gas (LNG) in the world.
“In recent years, Australia has emerged as a leader in gas production,” said Jim Crouse, Executive Vice President of Sales and Marketing of Capstone Turbine. “We anticipate this region to continue growing in terms of export,” concluded 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 DQS-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. Forward-looking statements may be identified by words such as “expects,” “believes,” “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
Integra Investor Relations Shawn M. Severson 415-226-7747 cpst@integra-ir.com
Source: GlobeNewswire
(December 5, 2018 - 8:30 AM EST)
