Capstone Continues to Diversify its Business as it Drives New Growth in the Middle East Region
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Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced it secured a new 3.4 megawatt (MW) order for a gas processing facility in Kuwait. The order includes a new C600 Signature Series microturbine, a new C800 Signature Series microturbine and two remanufactured C1000R microturbines, which will provide prime power for the facility. SPECTO International, Capstone’s distributor in Kuwait, secured the project, which is expected to be commissioned in late 2018.
The combination of factory remanufactured turbines, and new Signature Series turbines allowed Capstone to provide a full factory warranted solution at an extremely competitive price to meet the end-use customer’s tight project budget and delivery timeline. The C1000R packages will receive a rigorous factory inspection, be upgraded to include the latest Signature Series product updates and will receive a full factory performance and acceptance test prior to their shipment and installation in Kuwait.
“Capstone was selected over other alternatives, including traditional gas engines, because of our proven track record of superior performance in oil and gas applications in other regions of the world,” said Jim Crouse, Executive Vice President of Sales and Marketing at Capstone. “The selection of Capstone microturbines was also based on our ultra-low emissions, high reliability, and extended maintenance intervals,” concluded Mr. Crouse.
According to Standard Chartered, economists expect budget deficits across the Gulf Cooperation Council (GCC) to narrow this year and are forecasting a pick-up in consumption in the six-nation economic block as governments continue to boost spending on infrastructure amid higher oil prices.
“I am pleased to see continued traction in the Middle East as it’s a key new region of growth for the company,” said Darren Jamison, Capstone’s President and Chief Executive Officer. “This is a significant project and was just one of many projects SPECTO currently has under evaluation. Additionally, we expect to see accelerated growth in the GCC for all of Capstone’s products and services,” added Mr. Jamison.