Capstone Turbine Corp. of Chatsworth received an order for 13 of its microturbines for use in an industrial park in western Russia.
Electrosystems LLC, the Van Nuys company’s distributor for the Northwest and Central Federate Districts of Russia, secured the follow-on order. Last year, Electrosystems landed an order for 11 microturbines for generating electricity and thermal energy at the industrial park.
Sales and Marketing Executive Vice President Jim Crouse called the Russian market a significant growth opportunity for Capstone.
The company brought in $30 million in annual revenue from the market in fiscal 2012, which was then impacted by a financial crisis and drop in crude oil prices in 2014. Although both the ruble and the price per barrel have begun to recover, they are not at the same levels as before the collapse, the company said.
“Diversifying the distribution network in all of the districts of Russia was a difficult change to make but is already paying dividends and positioning us well for future growth in Russia and the CIS states,” Crouse said in a statement.
Shares in Capstone (CPST) closed up 4 cents, or more than 5 percent, to 93 cents on the Nasdaq on Monday, a day when the major stock markets increased 1 percent or more.