Capstone Sees Increased Opportunities in Wyoming as Demand for Natural Gas and Renewable Energy Increases
VAN NUYS, Calif., May 22, 2019 (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 has secured a fourth order for a Wyoming energy company. The order comes as Wyoming, the largest producer of coal in the country, increases natural gas and renewable power production while coal production continues to decline.
The follow-on order was secured by Horizon Power Systems, Capstone’s distributor for the Western Mountain States of the United States and Western Canada. The C600 Signature Series stand-alone microturbine will run all electric power equipment at a remote and unmanned compressor station while running on locally available high-pressure natural gas (HPNG). The microturbine was selected as the unit meets stringent Wyoming air quality regulations for emissions, low maintenance intervals, and high reliability.
“Burning coal drove much of yesterday’s energy supply. However, we believe clean natural gas, biogas, and renewable natural gas are the answers for our future. A natural gas-fueled power plant emits 60 percent less carbon dioxide than a coal-fired power plant,” said Darren Jamison, President and Chief Executive Officer of Capstone. “As a company, it is part of our mission to help reduce our customer’s carbon footprint. In fact, during fiscal year 2019, Capstone reported that it saved end-use customers an estimated $253 million in annual energy costs and 350,000 tons of carbon,” added Mr. Jamison.
Wyoming currently ranks amongst the top five states with the most natural gas reserves. Although the state has led the coal mining industry for energy since 1986, a shift in consumer attitudes towards alternatives such as clean natural gas, biogas and renewable natural gas has caused a shift in the production. The shift, also impacted by strengthening regulations for tighter air emissions driving overall Wyoming air quality, is expected to continue to benefit low emission technologies.
“Compressor stations always face some natural gas leakage in compressor applications. Microturbines are an effective solution in helping operators such as this one become green by using available ‘slip-gas’ to produce power while reducing emissions,” said Jim Crouse, Executive Vice President of Sales and Marketing of Capstone. “Cost savings come from the fact that our microturbines can eliminate the need for utility power or the addition of costly diesel generation and reduce the environmental footprint of the site,” 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 have 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.
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Shawn M. Severson
Released May 22, 2019