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Capstone Announces Significant Follow-On Order From Large Australian Coal Seam Gas Company

Stocks in this article: CPST

CHATSWORTH, Calif., Oct. 10, 2012 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation ( www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that it received a follow-on order from a large Australian coal seam gas company. The initial order in July 2008 was for the supply of 110 C30 packages and totaled $4.7 million. The units were shipped, packaged, installed and commissioned over a two-year period.

Capstone's distributor Aquatec-Maxcon Pty Ltd secured the new follow-on five-year supply contract. Aquatec-Maxcon is Australia's leading provider of water and wastewater technology and equipment. The C30 microturbines are supplied as integrated packaged systems by Aquatec-Maxcon for use in remote coal seam gas exploration and production wells in the Australian outback.

"All of the initial 110 units have been commissioned and operating for approximately two years," stated Ivan Reolon, Aquatec-Maxcon's Vice President of Sales and Marketing. "This second contract is for an additional supply of possibly hundreds of Capstone C30 microturbines over a five-year period. The initial order from the second contract is for 44 C30 microturbines, which are scheduled to be shipped to Aquatec-Maxcon for packaging by the end of the year," added Reolon.

"This is a significant follow-on order by a major coal seam gas producer, which further validates Capstone's value proposition of providing oil and gas customers industry leading reliability and a low emission solution for one of the harshest and most remote locations in the world," said Jim Crouse, Capstone's Executive Vice President of Sales and Marketing.

"The oil and gas market is our fastest growing market segment worldwide and accounted for 58% of total revenue last year," said Darren Jamison, Capstone's President and Chief Executive Officer. "From the shale plays of the United States, to the remote oil fields of Russia, from the offshore drilling platforms of the Gulf of Mexico to remote coal seam fields of Australia, energy exploration and production companies are setting new standards for energy reliability and ultra-low emissions with Capstone's innovative technologies from 30kw to 5MW," added Jamison.

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