Capstone Expands Africa Business with Oil & Gas Flare Reduction Project in North Africa
CHATSWORTH, Calif., May 01, 2017 (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 C65 microturbines to be installed in a flare gas application for an oil producer in North Africa.
Capstone’s distributor for North Africa secured the order, which is expected to be commissioned in September 2017.
The flare gas-fueled C65 microturbines will provide prime power for a remote oil and gas field operation by utilizing a fuel that would otherwise be flared. The installation will also serve as an initial pilot project for this customer and the region, showcasing the many benefits of microturbine-based flare reduction systems. Capstone microturbines were selected for their proven performance in similar applications around the world.
Darren Jamison, President and Chief Executive Officer of Capstone, said, “we continue to diversify our customer base and grow our geographic presence in key areas like Africa as it's a major growth opportunity for Capstone. According to published studies, as much as 65% of the global electricity consumption by 2020 will be located in emerging markets like Asia, Africa and the Middle East. Pilot projects and new customers like this are critical to our future success in these new high growth regions.”
According to the U.S. Energy Information Administration (EIA), the North African region is one of the major natural gas producing regions on the continent. North Africa holds a vast amount of shale gas resources.
“Like many of our oil and gas customers, this significant oil producing company was looking for an economically viable alternative to traditional diesel powered generator sets,” said Jim Crouse, Capstone’s Executive Vice President of Sales and Marketing. “Capstone microturbines are able to effectively utilize poor quality gas and turn it into clean and reliable onsite 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 has shipped approximately 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 UL-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 about the advantages of microturbines in various applications; diversification of our customer base; and growth opportunities in various regions such as Africa. 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
Released May 1, 2017
