Capstone Green Energy Secures New Orders From Alaskan Distributor Arctic Energy for a Major Oil Field Project and Two Offshore Platforms
Capstone Green Energy Corporation (NASDAQ: CGRN) has announced new orders from Arctic Energy for its microturbine technology in Alaska. The orders include a C600S microturbine for a major oil production site in the North Slope and two C65 offshore microturbines for platforms in Cook Inlet. The C600S is set for commissioning in summer 2023, while the C65 systems will be commissioned in the fall. These contracts highlight the demand for Capstone's low-emission and efficient energy solutions in the oil and gas sector.
- New orders for C600S and C65 microturbines enhance business prospects.
- Commissioning scheduled for summer and fall 2023 indicates short-term growth.
- Orders highlight Capstone's technology as a preferred choice in oil and gas sector.
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“Oil and gas industry participants continue to see the value of
Fueled by wellhead natural gas extracted directly from the pipeline, the C600S microturbine will provide primary electrical power to the site’s production facility, operating center, seawater treatment plant, and pipelines. The microturbines will be deployed as part of the initial phase of the development project with the potential for future orders. Once developed, the oilfield is expected to significantly boost oil flow in the trans-
The customer, a leading global oil and gas producer, selected Capstone microturbine-based systems because of their demonstrated ability to lower operating costs while also requiring significantly less maintenance. Capstone’s innovative microturbine technology was selected for the project over other traditional generator manufacturers based on its proven ability to deliver reliable, clean power in the field and superior product engineering.
The two C65 offshore systems will be deployed at unmanned oil and gas platforms for one of the country's premier independent exploration and production companies. This order adds to a growing global fleet of offshore microturbines.
These orders underscore Capstone's low-emission, durable, and highly efficient microturbines as the preferred choice for around-the-clock production and optimized site performance. Capstone's low maintenance requirements ensure a higher availability than many of its competitors and reduce operational costs over the 20-year life cycle of the product.
“As oil and gas production in
Capstone microturbines can be used in all phases of oil and gas production, including upstream, midstream, and downstream operations in both onshore and offshore applications. Since many of these operations are situated in remote locations, Capstone microturbines align perfectly with the needs of oil and gas businesses to ensure they are successful in bringing natural gas to market.
About
To date, Capstone has shipped over 10,000 units to 83 countries and estimates that in FY22, it saved customers over
For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com.
For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow
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This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding growth expectations and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the integration of the new chief financial officer into our management team and his success in developing and executing financial strategies; the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company's indebtedness; the Company's ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company's ability to adequately protect its intellectual property rights; and departures and other changes in management and other key employees. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the
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