Capstone Sells Turbines to Nigerian Drug CompanyTuesday, December 27, 2011
Capstone Turbine Corp. has received an order for two turbines from a Nigerian pharmaceutical manufacturer.
The Chatsworth manufacturer said the company will use its turbines to generate power and heat for the manufacturing process. Capstone didn’t identify the Nigerian drug maker by name, but said the sale was the result of a meeting with Nigerian officials arranged by U.S. diplomats on Dec. 14.
“The meeting provided a tremendous opportunity for Capstone to support the U.S. government’s National Export Initiative and grow our sales throughout Nigeria, especially in the industrial and oil and gas markets,” said Jim Crouse, Capstone’s executive vice-president of sales, in a statement.
Makon Power Systems, the distributor of Capstone turbines in Nigeria, expects to secure several more orders in the African nation, the company said.
By late Tuesday morning, shares of Capstone had fell 1 cent to $1.18 in trading on the Nasdaq.