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Industrial & Marine Gas Turbines
 
CAPSTONE REPORTS THIRD QUARTER OF FISCAL 2016 FINANCIAL RESULTS
Wednesday, February 3, 2016
CHATSWORTH, Calif., Feb. 03, 2016 - Microturbine energy systems manufacturer Capstone Turbine Corp reported financial results for its third quarter of fiscal 2016 ended December 31, 2015. Total revenue for the third quarter of fiscal 2016 was $21.5 million and net loss was $6.0 million, or $0.34 per share, which includes the 1-for-20 reverse stock split that was effected in November 2015.

During the third quarter 2016, management continued to implement several strategic initiatives and measures to further reduce operating expenses, increase its focus on new geographies and increase microturbine adoption in the energy efficiency market vertical. These measures have been a part of management’s strategy to counteract the macroeconomic headwinds on its revenue stream as the Company works toward returning to growth and becoming EBITDA breakeven.

Financial results for the third quarter reflect sequential quarterly improvements as a result of these new strategic initiatives and measures.

On a sequential quarterly basis for the third quarter, compared with the second quarter:

-- Revenue increased 20 percent to $21.5 million, compared with $17.9 million in the second quarter

-- Gross margin improved to 19 percent from 11 percent in the second quarter

-- Production, labor and overhead expenses dropped 28 percent on lower variable manufacturing costs

-- Bookings improved to $12.3 million compared with $8.4 million in the second quarter

-- Net loss declined by 24 percent to $6.0 million from $7.9 million in the second quarter

-- Cash position (including restricted cash) increased by $2.9 million to $18.5 million

-- Loss from operations dropped by $1.7 million to $5.9 million

-- Inventories decreased by $8.3 million on lower finished goods and raw materials

-- Working capital was $7.3 million compared to negative $4.6 million in the second quarter

-- Borrowings decreased $5.6 million on the Wells Fargo credit facility to $9.6 million

Darren Jamison, President and Chief Executive Officer of Capstone Turbine, said, "The positive reception we received for our new Capstone C1000 Signature Series that was launched at the PowerGen International tradeshow in December and the recent formation of the new Capstone Energy Finance" entity are significant milestones in the third quarter. These notable milestones, combined with our team’s resilience and proactive measures, have placed Capstone back into the driver’s seat as we increased revenue, reduced expenses, improved the gross margin and increased bookings compared to the prior quarter."

Jamison continued, "New order flow in the third quarter strengthened as our geographical diversification efforts continued to increase, resulting in new bookings from Europe, Latin America, Australia and Asia. Concurrently, the energy efficiency market vertical continued to grow and the oil and gas sector began to improve as customers focused on improving operational efficiencies as oil prices declined."

Business and Operational Highlights Include:

Energy efficiency comprised 71 percent of shipments in the third quarter New product orders received this quarter reflect our geographic diversity and include:

-- Colombia: C600 for a gas compression station for an oil and gas customer

-- Germany: 20 microturbines (C200 and 19 C65s) for multiple CHP projects

-- Germany: C800 and C200 microturbines for heat generation CHP projects

-- U.S.: Microturbines for two gas producing companies operating in the Marcellus and Utica Shale regions

-- U.S.: C1000 power package for CHP at a U.S. Marine Corps base in Virginia

-- Hungary: two C1000 power packages for a repeat CHP customer

-- Peru: First order for a C200 to provide CHP for an industrial application

-- Canada: three C1000s and two C800s for an associated gas to energy project

-- U.S.: First Signature Series sold (two C1000s and two C600s)

-- Colombia: C600 power package for CHP at a hotel in Cartagena

-- China: Two C1000 power packages for a leading Chinese offshore oil company Partnership programs announced this quarter include:

-- Strategic partnership with MultiChill Technologies to delivery air-cooled absorption chiller and water-making systems to be used in conjunction with our C65 series microturbines in CCHP applications -- Research pilot program with Argonne National Laboratory, a non-profit research facility operated by the University of Chicago for the U.S. Department of Energy, for participation in the innovative Technologist-in-Residence pilot program to advance adoption of low-emission, high-efficiency power solution.

Source:  Capstone Turbine Corp
Associated URL: capstoneturbine.com
Source Date: February 3, 2016
Posted: 02/04/2016

 
 
ABB WINS $130 MILLION ORDER TO UPGRADE HVDC POWER TRANSMISSION LINK IN THE US
Wednesday, February 3, 2016

Source: ABB

ZURICH - ABB has received an order worth around $130 million from electric cooperative Great River Energy to upgrade an existing HVDC (high-voltage direct current) connection in the US. The ± 400 kilovolt HVDC transmission system provides a vital link for transferring 1,000-megawatts of electricity between Underwood, North Dakota and Buffalo, Minnesota, a distance of 700 kilometers. The order was booked in the fourth quarter of 2015.

As part of the project scope, ABB will undertake the upgrade and life extension of the converter valves, valve cooling systems, control and protection systems and other related equipment at the converter stations. In addition to modernizing the HVDC system, the upgrade will also help improve grid reliability and efficiency. ABB has successfully carried out similar HVDC upgrades across the U.S. in recent years.

The current HVDC system was originally commissioned by ABB in 1978 and has provided over 99 percent availability during its operational lifetime. In 2002, ABB upgraded the control system to its advanced technology, fully digital MACH system.

Source:  ABB
Associated URL: http://www.abb.com/cawp/seitp202/3ead6533b3ede9a5c1257f4d0049a2c6.aspx
Source Date: February 3, 2016
Posted: 02/04/2016

 
 
DONG ENERGY TO BUILD NEW RECORD SIZE OFFSHORE WIND FARM
Wednesday, February 3, 2016

Source: Siemens

FREDERICIA, Denmark - DONG Energy has made a final investment decision to build the giant Hornsea Project One offshore wind farm (Hornsea) in the UK. With a capacity of 1.2 gigawatt (GW), Hornsea will on completion be the world’s first offshore wind farm to exceed 1,000 MW in capacity and by a large margin become the world’s largest offshore wind farm. It will be able to meet the electricity needs of well over one million UK homes.

Henrik Poulsen, CEO of DONG Energy, said: "We are excited about building this huge wind farm and pushing the boundaries of the offshore wind industry. Hornsea together with Race Bank, Westermost Rough and Lincs will make up a giant production area off the British east coast, supporting our efforts to deliver green and independent energy to society."

Hornsea was granted a Final Investment Decision Enabling contract (Contract for Difference) by the UK Government in April 2014 and will receive a fixed tariff for the first 15 years of production. The wind farm is expected to be fully commissioned in 2020.

Hornsea will be the final stage towards DONG Energy delivering on its strategic target of installing 6.5 GW of offshore wind by 2020.

Hornsea is located 120km off the Yorkshire coast and covers approximately 407 square kilometers.

DONG Energy has chosen the Siemens 7.0 MW wind turbine for Hornsea. DONG Energy is the sole owner of Hornsea after acquiring the 66.66 percent ownership share from Smart Wind in February 2015. DONG Energy also have the project rights to the Hornsea Project Two and Three, which have the potential of further 3 GW offshore wind power capacity in total.

Source:  DONG Energy
Associated URL: http://www.dongenergy.com/en/media/newsroom/news/articles/dong-energy-to-build-n
Source Date: February 3, 2016
Posted: 02/04/2016

 

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