Capstone Receives Orders for Approximately 4MW From E-Finity for Multiple Oil and Gas Customers
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq: CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today it recently received multiple orders from E-Finity Distributed Generation for microturbines to be used for oil and gas operations in the Marcellus and Utica Shale regions.
The Marcellus natural gas shale play, which encompasses 104,000 square miles and stretches across Pennsylvania and West Virginia, and into southeast Ohio and upstate New York, is the largest source of natural gas in the United States. Gas production in the Marcellus shale play was still growing rapidly in 2013. The Marcellus is an example of shale gas trapped in low-permeability shale and requires the well completion method of hydraulic fracturing to allow the gas to flow to the well bore.
The Utica Shale lies under most of New York, Pennsylvania, Ohio, and West Virginia and extends under adjacent parts of Kentucky, Maryland, Tennessee, and Virginia as well as Ontario and Quebec in Canada.
E-Finity Distributed Generation, Capstone's exclusive oil and gas distributor for the Marcellus and Utica Shale plays, secured the nearly 4MW of orders from two of their current customers and one new customer.
One of the repeat customers is once again turning to Capstone and E-Finity to power two of their compressor stations in West Virginia. Each compressor station will have two C600 Capstone Power Packages, providing both primary and backup power. The customer again selected Capstone's clean-and-green technology due to its continuous duty rating and the low emission levels and the lesser maintenance requirements of the product. The customer has also selected coverage offered by Capstone's Factory Protection Plan, which will provide 24/7, year-round maintenance for their turbines.
Another follow-on customer of E-Finity, a major midstream company, selected a C800 power package as the three-phase power source for a new compression facility. The C800 will provide the site with primary power, with a spare engine for spinning reserve. The microturbines will significantly reduce emissions generated from traditional generators and allow the customer to increase continuous onsite power production without needing additional air permitting. Due to the construction schedule and remote location, the utility grid power was not a viable or cost effective option.
The third order came from a new customer who has embarked on a venture to create a midstream system to move wet gas from the Utica Shale in Ohio to processing facilities along the Ohio River in West Virginia. After much evaluation of the operating costs, emissions output, and maintenance schedule, the customer selected four Capstone C65s to operate a new compressor station and six additional C65s to operate three interconnect sites where gas will enter the wet gas system. These turbines will provide the sole electrical power onsite, providing electricity to condensate pumps, heat tracing, and onsite lighting loads.
"The Capstone microturbine product has been the first choice for recent new and existing customers and is being selected due to its proven ability to provide reliable power for the natural gas and oil industry," said Jeff Beiter, Managing Partner for E-Finity.
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 http://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 use of our products in the oil and gas industry. 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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