Capstone Green Energy Secures Order From Major Oil and Gas Operator for Unmanned Offshore Platform in the Caribbean
Capstone Green Energy Corporation (NASDAQ: CGRN) announced a significant order from Ractive Engineering for two C65 ATEX-certified microturbine systems in Trinidad and Tobago. These microturbines will utilize on-site unprocessed wellhead gas to power an unmanned gas platform, replacing outdated equipment. Expected to be operational by summer 2023, the systems emphasize low emissions and reduced maintenance costs, enhancing operational reliability in remote locations. The project highlights the increasing demand for sustainable energy solutions in the oil and gas industry.
- Secured order for two C65 microturbines enhances product demand.
- Microturbines utilize unprocessed wellhead gas, lowering operational costs.
- Expected operational commission in summer 2023, indicating timely project execution.
- None.
Ultra-Low Emissions and Low Maintenance Were Key Factors in Microturbine Selection
"The project demonstrates the customer's confidence in our products' reliability and high availability," said
Reliable platform power has always been challenging in oil and gas exploration and production. If power fails, production losses can be extremely costly. In some cases, these oil and gas sites have limited or no access to electricity and rely solely on power generated on-site. Capstone's fuel flexible microturbines are able to use unprocessed wellhead gas produced on-site as an input fuel source with minimal gas pre-treatment. Further, the added reliability and low maintenance requirements of microturbine-based systems make them ideal for remote locations, which often deal with challenging climate conditions.
The microturbine solution allows the customer to keep operational costs low by avoiding extra fuel-cleaning equipment and significantly reduces the negative impact on the local environment. In addition, the low-maintenance microturbines align with the facility's annual maintenance strategy being an unmanned installation. The benefit of no lubricants or greases significantly reduces the risks of fires in the equipment and environmental impacts from the disposal of traditional maintenance waste.
"In my opinion, there is no better option for offshore remote power than microturbines when considering the low carbon benefits and low maintenance intervals," said
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
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's target for growth of its rental fleet 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 sufficiency of the Company's working capital to meet its rental fleet growth target; 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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