Capstone Green Energy Corporation on Nasdaq: CGRN
Capstone Green Energy Corporation on Nasdaq: CGRN
VAN NUYS, CA / ACCESSWIRE / December 9, 2019 / Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today it secured a repeat order from one of the largest oil and gas producers in the Eagle Ford Shale Play region of South Texas. Lone Star Power Solutions, Capstone's exclusive distributor in Arizona, Texas, and the Gulf states secured the order for the C800 Signature Series microturbine and associated 5-year long-term Factory Protection Plan (FPP). The new system will be used to provide electricity for an existing oil and gas gathering facility.
The customer is an international oil and gas exploration company with operations in the United States, Middle East, and Latin America. With a current installed base of approximately 3.4 MW, this new order will bring the fleet to 4.2 MW of Capstone microturbines. The operational performance of the entire 4.2 MW fleet is protected by the industry-leading Capstone FPP service product that is designed to offer a risk-transfer solution aimed at limiting the performance and monetary risk of both planned and unplanned maintenance over the life of the factory backed service contract.
The C800S will provide up to 800 kilowatts of clean-and-green power to the gathering facility in the remote Eagle Ford Shale play. The microturbine will be fueled by pipeline quality gas to produce electricity for all on-site operations, including pump motors and associated equipment.
"We have successfully earned the trust from several of the largest oil and gas producers in the world and continue to expand the list of satisfied repeat customers in the process," said Darren Jamison, President and Chief Executive Officer at Capstone Turbine. "Specifically, we're seeing an increasing interest from oil and gas producers in the Eagle Ford as they continue to adopt Capstone microturbine technology due to reliability and our unique FPP service offering which essentially makes us long-term energy partners with our customers," added Mr. Jamison.
"In this case the customer required a very short lead-time on equipment for an aggressive project completion timeline. The microturbine was ordered, delivered and commissioned in a matter of weeks due to the short lead-time and simplicity of the Capstone energy package," said Douglas Demaret, President of Lone Star Power Solutions. "Oil and gas customers require reliable power and the flexibility in many cases to deploy assets quickly when beneficial. Our close partnership with Capstone Turbine allows us to meet these expectations and provide unmatched long-term quality service for Capstone low emission on-site power generation solutions," concluded Mr. Demaret.
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.
CONTACT: Capstone Turbine Corporation
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Shawn M. Severson
SOURCE: Capstone Turbine Corporation
Released December 9, 2019