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Thursday, Feb 22, 2024

Capstone Sells Turbines in California Oilfields

Capstone Turbine Corp. has sold two C1000 Signature microturbines to an oil and gas well site in California. The Chatsworth manufacturer of small turbines to generate electricity received the order through Cal Microturbine, a regional distributor. The company did not disclose the name of the client but said the oil and gas site is in a remote location with no access to the electrical grid. The turbines will use natural gas, which is extracted along with the oil, as fuel to generate electricity to power on-site equipment. “Crude oil prices continue to remain well above $50 a barrel which is fueling a rebound in our oil and gas business,” Darren Jamison, chief executive officer, said in a statement. “The rebound in our oil and gas business combined with our growing energy efficiency business should drive year-over-year revenue growth.” Shares of Capstone (CPST) closed Wednesday up 5 cents or 6.7 percent to 80 cents on the Nasdaq.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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