In the company’s news yesterday,
Capstone Turbine Corporation announced it has received a payment from UTC Power, of United Technologies Corp. (NYSE: UTX), for the completion of the fifth of six “Microturbine Build” milestones as part of the 200kW microturbine development and commercialization agreement between the companies.
Including yesterday’s announcement, Capstone has received $10.5 million of the $12 million owed under the development agreement. On its end of the deal, Capstone delivered a dual-mode C200 microtubine system to UTC Power, meeting specific performance guidelines.
UTC Power provided Capstone with engineering support, giving Capstone what Mark Gilbreth, executive vice president and chief technology officer of Capstone, called “a rich background of expertise to the development program.”
Capstone said it remains on track to deliver the microturbines, and is even ahead of the bell in some aspects of the development agreement.
“I am very encouraged that we continue to be on schedule with this very critical program,” Darren Jamison, president and CEO of Capstone stated. “We were able to ship the first commercial C200 ahead of schedule on Aug. 28 and deliver the UTC Power unit as part of the Development Program in early September. We are now focused on commercial deliveries and increasing production rates to meet strong customer demand.”
About QualityStocks
QualityStocks, based in Scottsdale, Arizona is a free service that collects data from hundreds Small-Cap and Micro-Cap online Investment Newsletters into one Free Daily Newsletter Report. QualityStocks is dedicated to assisting emerging public companies with their advertising efforts and now has over 500,000+ subscribers that receive The Daily Stock Newsletters.
To sign up for “The QualityStocks Daily Newsletter” please visit http://www.qualitystocks.net/
Please see disclaimer on QualityStocks website: http://Disclaimer.QualityStocks.net
Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
