Capstone Secures New Projects in Russia and Commonwealth of Independent States (CIS) as the Region Experiences Renewed Activi...
10 October 2018 - 11:30PM
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:
CPST), the world’s leading clean technology manufacturer of
microturbine energy systems, announced today that it received
multiple new orders for projects in Russia and the Commonwealth of
Independent States (CIS). These new orders indicate a renewed
interest from oil and gas and combined heat and power (CHP)
customers in the commercial and industrial markets.
These new Russia orders were secured by Electrosystems, LLC and
BMTec, two of Capstone’s more recent distribution partners in the
region. The microturbine commissioning dates are expected before
the end of 2018. The orders follow up on a significant order
secured by Turbine International in late May that was paid in full
and shipped in September. In addition, Turbine International is
current with its scheduled payments against the fully reserved BPC
International receivable.
One of the orders will utilize Capstone’s microturbines to
provide the clean, and much needed reliable power for a technology
manufacturer in Russia. While another CHP microturbine system will
be used to offset the increasing utility prices for housing and
communal services. The Turbine International project is for an
expanding oil and gas pipeline project.
In addition to the Russian orders, TOO Synergy Astana,
Capstone’s distribution partner in Kazakhstan has secured an order
for additional microturbines for an existing Kazakhstan pipeline
project. As a continuously growing project, the pipeline already
depends on 60 Capstone microturbine systems, which includes two
C800s for power, and is planning to purchase several more systems
through 2019.
“We are seeing the results of our multiyear reorganization
effort of the Russia and CIS marketplace for both the combined heat
and power market and the oil and gas market,” stated Darren
Jamison, Capstone’s President and Chief Executive Officer. “Through
this lengthy and complex process, we have moved from one
distribution partner covering multiple verticals, to multiple
partners for our three major verticals for distribution of our
product in Russia and the surrounding CIS states,” added Mr.
Jamison.
Russia and the surrounding CIS region is potentially one of the
faster-growing markets for microturbines as it recovers from the
financial crisis and global collapse of crude oil. At its height in
2014, the region represented one of the largest markets for
Capstone microturbines. With higher oil prices and improving
economic conditions, the region is again adopting clean
microturbine technology to replace an aging and
sometimes-unreliable grid. Additionally, there are new
opportunities in the oil and gas market in areas such as Azerbaijan
and Kazakhstan as some of the world’s longest gas and oil pipelines
continue to expand.
“Russia and the surrounding CIS region is recovering as a market
for our solution and is increasingly showing new opportunities for
CHP which is largely connected to district heating networks that
need to be updated from the legacy Soviet era,” said Jim Crouse,
Executive Vice President of Sales and Marketing. “The sheer
reliability of clean power in remote and some of the harshest
weather environments seen in these parts of the world make Capstone
the go-to solution,” added Mr. Crouse.
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 has shipped over 9,000
Capstone Microturbine systems to customers worldwide. These
award-winning systems have logged millions of documented runtime
operating hours. Capstone 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 DQS-Certified ISO 9001:2015 and ISO
14001:2015 certified company; Capstone is headquartered in
the Los Angeles area with sales and/or service centers in
the United States, Latin America, Europe, Middle East and
Asia.
For more information about the company, please visit
www.capstoneturbine.com. Follow Capstone Turbine on Twitter,
LinkedIn and YouTube.
Forward-Looking Statements
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,”
“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 CorporationInvestor and investment media
inquiries:818-407-3628ir@capstoneturbine.com
Integra Investor RelationsShawn M.
Severson415-226-7747cpst@integra-ir.com
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