Capstone Turbine Corporation (NASDAQ:CPST) announced Monday that Robert Powelson, a former commissioner on the Federal Energy Regulatory Commission, has joined the company’s board of directors.
Powelson currently serves as CEO of the National Association of Water Companies in Washington, DC, according to a statement from the microturbine manufacturer.
Prior to joining the association, Powelson served as one of five commissioners on FERC from 2017 to 2018 after being appointed by President Trump. The federal agency regulates the transmission and sale of electricity and natural gas as well as the transportation of oil via pipelines.
“Rob is an experienced energy executive and highly-regarded thought leader in the US energy industry with vast contacts and knowledge of the US shale industry, and we are honored to welcome him to the Capstone Board of Directors,” said CEO Darren Jamison. “Rob also has extensive experience in the public policy arena, which will be an extremely valuable asset for the company.”
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Previously, Powelson served on the Pennsylvania Public Utility Commission from 2008 to 2017 and was appointed chairman in 2011. He was also a member of the Marcellus Shale Advisory Commission, which helped Pennsylvania develop its shale industry. Powelson also served on the National Association of Regulatory Utility Commissioners' board of directors from 2011 to to 2017.
Powelson said he is well aware of Capstone’s technology, noting that “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.”
Capstone, based in Van Nuys, California, offers a product lineup of microturbines that can produce anywhere from 30 kilowatts to 10 megawatts of power, operating on a variety of gaseous or liquid fuels.
Capstone's stock recently traded up 1.8% to $0.82 a share.
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