Shares of Capstone Turbine Corp. hit a 52-week high on Tuesday after the Chatsworth company announced that it had received a large microturbine order for a big Manhattan real estate development.
Related Cos. of New York owns a portfolio of properties valued at more than $15 billion, and is currently developing the 360-acre Hudson Yards project in Manhattan. Some of the microturbines on order will be installed in buildings at the mixed-used development of housing, office, hotel and retail.
Capstone's low-emission microturbine energy systems can run on natural gas, diesel and other fuels. The company said the orders came through its New York distributor RSP Systems, which is expecting more orders.
“Executives at Related Cos. have already indicated they are interested in installing additional Capstone microturbines in other properties within their portfolio,” RSP President Cory Glick said in a statement.
Financial terms were not disclosed.
Shares closed up 14 cents, or 14.6 percent, to $1.17 on the Nasdaq, after earlier hitting a 52-week high of $1.20.