Capstone Receives 5.2MW in Orders From New Middle East and Africa Distributor
CHATSWORTH, Calif., May 5, 2014 (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 recently received multiple orders from its new distributor Electro Mecanique Industries (EMI) for two flare reduction projects.
The initial 5.2MW of orders secured by EMI will be utilized in a flare reduction capacity. The Capstone microturbines will burn the associated gas that is currently being flared in order to reduce emissions and provide on-site power generation for the local oil and gas operations.
When petroleum crude oil is extracted and produced from onshore or offshore wells, raw natural gas is brought to the surface as well. This is especially true in remote areas of the world that lack pipelines and other gas transportation infrastructure. These vast amounts of associated gas are typically flared as waste gas, which many believe adds to global warming. "The practice of flaring associated gas has a significant environmental impact and presents an ever increasing problem as oil and gas production levels continue to rise," said Darren Jamison, Capstone President and Chief Executive Officer.
According to the GGFR (Global Gas Flaring Reduction) Partnership, an estimated 150 billion cubic meters (or 5.3 trillion cubic feet) of natural gas are being flared annually. To put this in perspective, that is equivalent to 25% of the gas consumption in the U.S. just being released in to the atmosphere and not utilized.
"Capstone is committed to its role in environmental stewardship as a clean and green company and will continue to work with companies across the world to reduce the practice of gas flaring in an effort to be more ecofriendly and responsible. The best solution to the flare gas problem is to capture this gas from the wells and use it in the production process," added Jamison.
Capstone microturbines are a perfect solution in this respect, utilizing flare gas to provide clean and reliable on-site power in an environmentally friendly way. Capstone microturbines are not only efficient and clean but also do not require any lubricants or coolants and have minimal maintenance time when compared to traditional reciprocating engines.
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, United Kingdom, Mexico City, Shanghai and Singapore.
The Capstone Turbine Corporation logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=6212
This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the environmental advantages of our products and use of our products in flare reduction projects. 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 email@example.com
Released May 5, 2014