CHATSWORTH, Calif., Oct. 27, 2015 (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 has partnered with Argonne National Laboratory, a non-profit science and engineering research facility operated by the University of Chicago for the U.S. Department of Energy (DOE), for participation in the innovative Technologist in Residence (TIR) pilot program.
"This is an enormous opportunity for Capstone, especially with the growth of the global CHP market," said Darren Jamison, President and Chief Executive Officer at Capstone Turbine.
According to the DOE website (http://energy.gov/eere/cemi/technologist-residence-pilot), the TIR pilot program is designed to foster strong national laboratory-industry relationships that result in high impact, collaborative research and development. The DOE will convene a Council of Technologists, made up of pre-selected technologist pairs, each consisting of representatives from a national laboratory and their private sector partner. Through the Council, each technologist pair will work together to identify new areas of innovative research to formulate an agreement and specific scopes of work. Under the pilot program, only seven awards for technologist partnerships were issued by the DOE, with a total funding value of $2.6 million over two years.
Building on an existing relationship, the Capstone and Argonne technologist pair will explore new focus areas, such as low cost, active combustion control systems and fuel adaptability. All of these focus areas are intended to advance the adoption of low emission, high efficiency power solutions. The pair will also meet with other national lab researchers to collaborate on new research pathways as well as infrastructural capabilities to develop new project ideas.
"This is a tremendous opportunity to improve our relationship and collaborate with Argonne National Laboratory as they are poised to help our nation build an economy fueled by safe, clean, renewable energy and free from dependence on foreign oil," said Jeff Foster, Vice President of Customer Service and Director of Program Management at Capstone Turbine. "The TIR program provides us the incentive needed to continue the advancement of world-class CHP solutions with the leverage of a national lab enterprise," added Foster.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST) is the world's leading producer of low-emission microturbine systems and was the first to market commercially viable microturbine energy products. Capstone Turbine has shipped over 8,500 Capstone Microturbine systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone Turbine is a member of the U.S. Environmental Protection Agency's Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation's energy infrastructure and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO 9001:2008 and ISO 14001:2004 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the New York Metro Area, United Kingdom, Mexico City, Shanghai and Singapore.
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This press release contains "forward-looking statements," as that term is used in the federal securities laws, about growth of the CHP market and opportunities arising from the DOE program. Forward-looking statements may be identified by words such as "expects," "objective," "intend," "targeted," "plan" and similar phrases. These forward-looking statements are subject to numerous assumptions, risks and uncertainties described in Capstone's filings with the Securities and Exchange Commission that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
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CONTACT: Capstone Turbine Corporation Investor and investment media inquiries: 818-407-3628 firstname.lastname@example.org INVESTORS: Dian Griesel Int'l Cheryl Schneider/Tom Caden 212-825-3210
Source:Capstone Turbine Corporation