VAN NUYS, CA / ACCESSWIRE / July 15, 2019 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ: CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that TOO Synergy Astana, Capstone's distribution partner in Kazakhstan, sold the first of potentially five C1000s for multiple associated gas-to-energy projects to a local oil and gas producer operating in Western Kazakhstan. The oil and gas end-use customer's future decision to expand from the initial 1 MW to 5 MWs will depend on the operating results of the initial C1000 microturbine expected to be installed this summer.
In addition to this most recent C1000 order, last October, TOO Synergy Astana secured an order for three C65 microturbines for the expansion of an existing Kazakhstan pipeline project. As a continuously growing project, the pipeline already depends on 60 Capstone microturbine systems, which includes two C800s for remote on-site power.
Kazakhstan holds an estimated 30 billion barrels of oil reserves, along with 1.1 tcm (38.8 tcf) of natural gas. It is among the top 15 countries based on the size of its oil reserves. The majority of Kazakhstan's hydrocarbons reserves are located in the regions of Kashagan, Tengiz and Karachaganak. The Kashagan field, discovered in 2000, is one of the largest oilfield discoveries in recent decades.
To reach its potential as a global energy player, Kazakhstan is working to maintain a fine balance between the economic interests of its two powerful neighbors, Russia and China. Chinese energy demand continues to surge upwards and will reportedly consume Kazakhstan's robust hydrocarbons output for the foreseeable future.
"We are beginning to see the positive results from all the hard work and dedication of our new Kazakhstan distribution partner as part of our multi-year reorganization effort of the Commonwealth of the Independent States or CIS region for both the oil and gas market and the combined heat and power 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 and services in the region," added Mr. Jamison.
With sustained higher oil prices and improving economic conditions, the CIS region is again adopting clean microturbine technology to replace an aging and sometimes-unreliable grid. Additionally, there are new associated gas-to-energy opportunities in the oil and gas market in areas such as Azerbaijan and Kazakhstan as some of the world's longest oil and gas pipelines continue to expand.
"We are seeing a recovery in the CIS region as the market for our solution is increasingly showing new opportunities," said Jim Crouse, Executive Vice President of Sales and Marketing.
According to TOO Synergy Astana management, the end-use Kazakhstan energy company listed the following microturbine product attributes as the reasons for selecting the Capstone clean energy technology to generate on-site electricity:
1. No lubricants and coolants needed;
2. Low lifecycle cost and ease of maintenance;
3. Ultra-low exhaust emissions;
4. Ability to operate in a wide range of power output;
5. Ability to generate at 50 and 60 Hertz (without changing the design);
6. The compactness of installation and the ease of further expansion;
7. Ability to operate reliably on associated gas; and
8. Overall superiority over other autonomous energy sources (reciprocating gas engine generators).
"The reliability of Capstone clean energy products, in some of the most remote and harsh environments in the world, makes Capstone the go-to solution in the CIS region," 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 has 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.
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