Capstone Turbine (CPST) Receives Order for C1000, C600 Microturbines
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Capstone Turbine Corporation (Nasdaq: CPST) announced that it recently received an order for a C1000 Signature Series microturbine and a C600 Signature Series microturbine for an oil and gas platform off the coast of California.
Regatta Solutions, Capstone’s distributor in California, secured the order, which is expected to be commissioned in December 2016. The customer chose Capstone microturbines for their price performance, proven reliability and experience in difficult offshore platform environments. Capstone microturbines also meet the local South Coast Air Quality Management District (AQMD) Best Available Control Technology (BACT) emissions level requirements, which helps to streamline the air emissions permitting process.
“This order is reflective of the efficiency optimization initiatives we are starting to see from our oil and gas clients who are focused on reducing their operations costs while simultaneously protecting the environment,” said Steven Acevedo, President and Chief Executive Officer of Regatta Solutions.
The associated gas-fueled C1000S and C600S microturbines will be installed in a combined heat and power (CHP) application and operate using the onsite associated gas stream to relieve the flaring requirement for the platform. Hot water, produced from the microturbine exhaust, will provide heating for the production process to reduce additional energy needs. The microturbines will provide power to site loads, lowering operating costs for the end customer.
“Despite the prolonged two-year slump in the energy industry, oil and gas producers are starting to look for creative ways to reduce their operational costs and meet increasingly stringent flaring requirements, which is positive for our business,” said Darren Jamison, President and Chief Executive Officer at Capstone. “Capstone is able to leverage its demonstrated success in the oil and gas market and deliver low-cost, highly reliable energy solutions to oil and gas operations around the world,” added Mr. Jamison.
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