VAN NUYS, CA / ACCESSWIRE / September 19, 2019 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that Cal Microturbine, Capstone's exclusive distributor for California, Idaho, Oregon, and Washington, has signed a Factory Protection Plan (FPP) long-term service contract in California covering 2.0 megawatts (MW) of Capstone Microturbines installed at a single location for a major oil and gas company.
"The continuing conversion of oil and gas customers to the Capstone Factory Protection Plan is driving our aftermarket business to new highs," stated Darren Jamison, Capstone's President and Chief Executive Officer. "With this latest contract, our FPP coverage is now 248 MWs, which is another new record for Capstone," added Mr. Jamison.
Due to California's strict air quality regulations, this large oil and gas company was not authorized to flare their waste gas and was required to find an alternate means of burning the gas. The two Capstone Signature Series C1000's allows them to burn this gas while simultaneously generating and providing electricity to their oil field. Additionally, the Capstone Microturbines are configured as Dual Mode, allowing them to continue to produce power in the event of a grid outage or utility blackout. This FPP will provide 10 years of complete service coverage, including scheduled and unscheduled maintenance.
"As Cal Microturbine continues to aggressively grow their FPP fleet, with recent multiple additions of large established oil and gas end-users, the growth in our FPP backlog is also seeing continued positive tailwinds in other geographies and market segments," said Jeff Foster, Capstone's Senior Vice President of Customer Service and Product Development. "We are optimistic that in the coming months, we could again see more large FPP awards and new records for our FPP coverage, which may support further top-line growth of our high margin aftermarket business sector moving forward," concluded Mr. Foster.
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.
For more information about the company, please visit www.capstoneturbine.com. Follow Capstone Turbine on Twitter, LinkedIn, Instagram, 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," "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.
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SOURCE: Capstone Turbine Corporation