Capstone Strengthens Board of Directors with the Appointment of Robert F. Powelson, Former Commissioner on the Federal Energ...
June 10 2019 - 8:30AM
Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:
CPST), the world’s leading clean technology manufacturer of
microturbine energy systems, announced today the appointment of
Robert F. Powelson to its Board of Directors. Mr. Powelson is the
current President and Chief Executive Officer of the National
Association of Water Companies (NAWC) based in Washington, DC.
Prior to joining NAWC, Mr. Powelson served as a
Commissioner on the Federal Energy Regulatory Commission (FERC)
which is composed of five commissioners who are nominated by the
President and confirmed by the Senate. FERC is the federal
agency that regulates the transmission and sale of electricity
and natural gas and transportation of oil by pipeline in interstate
commerce. FERC also reviews proposals to build interstate natural
gas pipelines, natural gas storage projects, and liquefied
natural gas (LNG) terminals.
Darren Jamison, President and Chief Executive
Officer of Capstone, stated, “Rob is an experienced energy
executive and highly-regarded thought leader in the U.S. energy
industry with vast contacts and knowledge of the U.S. shale
industry, and we are honored to welcome him to the Capstone Board
of Directors. Rob also has extensive experience in the public
policy arena, which will be an extremely valuable asset for the
company.”
Previously, Mr. Powelson served on the Pennsylvania
Public Utility Commission (PA PUC) from June 2008 to August 2017
and was appointed Chairman in February 2011 by Governor Tom
Corbett. In March 2011, Governor Corbett invited Chairman Powelson
to serve as a member of the Marcellus Shale Advisory Commission.
The Commission reviewed the Commonwealth’s existing statutes,
regulations, and policies and provided recommendations to ensure
that Pennsylvania maximizes the opportunity that Marcellus Shale
presents in the most responsible manner possible. His work on the
Marcellus Shale Commission helped produce new pipeline safety
oversight reforms as well as the implementation of the Marcellus
Shale Impact Fee. As Chairman of the PA PUC, Mr. Powelson worked
closely with stakeholders and management on numerous capacity
market reform initiatives. Under Mr. Powelson’s leadership at the
PA PUC, there was a coordinated effort to enhance incentives for
combined heat and power, or CHP, development and he also led a very
successful statewide initiative aimed at promoting retail
electricity and gas choice across the Commonwealth of
Pennsylvania.
Mr. Powelson was appointed to the National
Association of Regulatory Utility Commissioners (NARUC) Board of
Directors from March 2011 to July 2017. In addition, Mr. Powelson
Chaired NARUC's Committee on Water and was elected President of
NARUC by his colleagues and helped launch NARUC’s Energy Innovation
Task Force.
“I have an extensive history with the Capstone
microturbine product deployment across the Marcellus Shale region,
and I see the long-term potential for low emission distributed
generation technology behind the meter as we look for lower cost
and higher efficiency energy solutions,” said Mr. Powelson.
“I am also very impressed by Capstone’s innovative
technology, dedicated distribution network, and relentlessly
creative management team. I am excited to be joining Capstone’s
dedicated Board of Directors and look forward to rolling up my
sleeves and getting to work both inside and outside of the
Boardroom on behalf of the company, customers, and its
shareholders,” added Mr. Powelson.
“We conducted a comprehensive search for someone
who would further strengthen and enrich our board, and we are
delighted to have identified such a distinguished executive like
Rob,” said Paul DeWeese, Capstone’s Chair of the Nominating and
Corporate Governance Committee. “Rob brings to Capstone’s board a
wealth of experience, a strong reputation, and a proven success
record that has all the key characteristics we were looking for in
a new director,” concluded Mr. DeWeese. About
Capstone Turbine Corporation
Capstone Turbine Corporation
(www.capstoneturbine.com) (Nasdaq: CPST) is the world’s leading
producer of highly efficient, low-emission, resilient microturbine
energy systems. Capstone microturbines serve multiple vertical
markets worldwide, including natural resources, energy efficiency,
renewable energy, critical power supply, transportation and
microgrids. Capstone offers a comprehensive product lineup,
providing scalable systems focusing on 30 kWs to 10 MWs that
operate on a variety of gaseous or liquid fuels and are the ideal
solution for today's distributed power generation needs. To date,
Capstone has shipped over 9,000 units to 73 countries and has saved
customers an estimated $253 million in annual energy costs and
350,000 tons of carbon.
For more information about the company, please
visit www.capstoneturbine.com. Follow Capstone Turbine on Twitter,
LinkedIn and YouTube.
Forward-Looking Statements
This press release contains “forward-looking
statements,” as that term is used in the federal securities laws.
Forward-looking statements may be identified by words such as
“expects,” “believes,” “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.
“Capstone” and “Capstone Microturbine” are
registered trademarks of Capstone Turbine Corporation. All
other trademarks mentioned are the property of their respective
owners.
CONTACT: |
Capstone Turbine CorporationInvestor and investment media
inquiries:818-407-3628ir@capstoneturbine.com |
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Integra Investor RelationsShawn M.
Severson415-226-7747cpst@integra-ir.com |
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