Capstone Turbine Secures Order to Upgrade South Korean Residential High-Rise
CHATSWORTH, Calif., Oct. 15, 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 a one megawatt order for a new residential high-rise building in Masan, South Korea.
Yongwon Total Solution, Capstone's South Korean partner, secured the order.
According to the United Nations, South Korea ranks as the 23rd most densely populated country in the world and as the 15th largest economy in the world, with a GDP of just over $1.12 trillion. The city of Masan, situated 35 kilometers west of Busan, is experiencing significant economic growth. Due to this growth, and the expansion of neighboring cities, Korean officials approved the merger of the cities of Masan, Changwon, and Jinhae in 2009. This area is home to more than a million people, and the need for new infrastructure, such as residential high-rises, is increasing. Korean construction companies are seeking forward thinking solutions that are clean, efficient, and reliable.
The large Korean construction company in charge of the Masan Metro-City project looked at various technologies and options for the new residential high-rise before making their decision. The natural gas-fired Capstone C1000 microturbine provided the ideal solution for the new project.
Deployed in a combined heat and power (CHP) application, the heat from the microturbine's exhaust is captured via heat exchangers and used to provide heating and hot water for the building. One megawatt of electricity produced by the microturbine offsets the building's total requirement, reducing costs from the local utility. The CHP system has an overall efficiency of approximately 80 percent, which helps to maximize the investment and significantly reduce the payback period.
Capstone microturbines are at the forefront of green building technology. Having chosen microturbine technology deployed in a CHP application as their preferred solution, the construction company has ensured the residential high-rise will remain compliant with future emissions laws and green building best practices.
"In a developed country that has the growth rate and population density of Korea, residents need efficient, compact, and green technologies," said Jim Crouse, Executive Vice President of Sales and Marketing at Capstone Turbine. "Clean and green Capstone microturbines provide the ideal solution, helping customers achieve economic and sustainability goals with a proven technology."
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 8,000 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.
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This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the advantages of our CHP applications. 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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CONTACT: Capstone Turbine Corporation Investor and investment media inquiries: 818-407-3628 email@example.com
Released October 15, 2014