Capstone Further Penetrates the Oil and Gas Market in Russia With Two Orders Totaling 24MW
CHATSWORTH, Calif., Jan. 6, 2014 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, today announced that it recently received two orders totaling 24MW from its Russian distribution partner BPC Engineering for new associated gas and pipeline projects.
The low-emission Capstone microturbines will be installed at modular power stations. Several of the microturbines will be fueled by untreated associated gas from well sites that otherwise would be flared. Associated gas utilization for power will allow the customer to avoid costly emissions penalties and to significantly reduce power costs at the oil field level. Globally, about 140 billion cubic meters of associated gas are estimated to be burned or wasted annually. Recent estimates put the amount of flared or wasted associated gas in Russia at close to 40 billion cubic meters per year.
"Russian oil and gas producers continue to adopt Capstone's microturbine technology because of its inherent reliability and ability to burn associated gas that contains up to seven percent hydrogen sulfides without requiring treatment equipment," said Alexander Skorokhodov, BPC Engineering Chief Executive Officer.
"Russia continues to be Capstone's top international oil and gas market," said Jim Crouse, Capstone's Executive Vice President of Sales and Marketing. "We are also seeing significant interest from producers in Africa, the Middle East and the United States for Capstone's highly reliable and low maintenance associated gas products," added Crouse.
"BPC Engineering continues to be a very strong partner for Capstone and today has over 1,200 Capstone units successfully operating throughout their territory," said Darren Jamison, Capstone's President and Chief Executive Officer.
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 approximately 7,000 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, Mexico City, Nottingham, Shanghai and Singapore.
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This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the use of our products in the oil and gas market and increased sales of our products. 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.
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Released January 6, 2014