Capstone Green Energy Corporation on Nasdaq: CGRN
Capstone Green Energy Corporation on Nasdaq: CGRN
VAN NUYS, CA / ACCESSWIRE / August 28, 2019 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world’s leading clean technology manufacturer of microturbine energy systems, announced today that TOO Synergy Astana, Capstone’s distribution partner in Kazakhstan, sold eleven C30 microturbines as part of an ongoing expanding Western Kazakhstan Pipeline Project.
Western Kazakhstan Pipeline Project
Capstone Brings Project Total to 74 Turbines
In addition to this most recent eleven-unit C30 order, last July TOO Synergy Astana secured an order for a C1000 for an associated gas-to-energy project and previously sold three C65 microturbines in October for the same Kazakhstan pipeline project. As a continuously growing project, the Kazakhstan pipeline already depends on 63 Capstone microturbine systems bringing the new total to 74 when the eleven C30s are expected to ship in September.
According to Oil & Gas Year Limited, Kazakhstan holds an estimated 30 billion barrels of oil reserves, along with 1.1 tcm (38.8 tcf) of natural gas. It is among the top 15 countries based on the size of its oil reserves and the majority of Kazakhstan’s hydrocarbons reserves are located in the regions of Kashagan, Tengiz and Karachaganak. The Kashagan field, discovered in 2000, is one of the largest oilfield discoveries in recent decades.
To reach its potential as a global energy player, Kazakhstan is working to maintain a fine balance between the economic interests of its two powerful neighbors, Russia and China. Chinese energy demand continues to surge upwards and will reportedly consume Kazakhstan’s robust hydrocarbons output for the foreseeable future.
“We definitely see the positive results our new Kazakhstan distribution partner as part of our multi-year reorganization effort of the Commonwealth of the Independent States or CIS region for both the oil and gas market and the combined heat and power market,” stated Darren Jamison, Capstone’s President and Chief Executive Officer.
“With oil prices sustained above fifty dollars a barrel, we are seeing strengthening business conditions in most of our geographies served. Additionally, there are new associated gas-to-energy opportunities in the global oil and gas markets as more companies are moving to electrify their operations and substantially reduce gas flaring,” added Mr. Jamison.
“We are seeing a recovery in the CIS region as the market for our solution is increasingly gaining momentum,” said Jim Crouse, Capstone’s Executive Vice President of Sales and Marketing. “The reliability of Capstone’s clean energy products, in some of the most remote and harsh environments in the world, makes Capstone a leading solution in the CIS region,” concluded Mr. Crouse.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST) is the world’s leading producer of highly efficient, low-emission, resilient microturbine energy systems. Capstone microturbines serve multiple vertical markets worldwide, including natural resources, energy efficiency, renewable energy, critical power supply, transportation and microgrids. Capstone offers a comprehensive product lineup, providing scalable systems focusing on 30 kWs to 10 MWs that operate on a variety of gaseous or liquid fuels and are the ideal solution for today's distributed power generation needs. To date, Capstone has shipped over 9,000 units to 73 countries and has saved customers an estimated $253 million in annual energy costs and 350,000 tons of carbon.
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.
Capstone Turbine Corporation
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SOURCE: Capstone Turbine Corporation
Released August 28, 2019