Tecogen InVerde Selected for 1 MW Cogeneration Project for New York City Residential Building

Companies Mentioned:

Primary Exchange: NASDAQ
Under the Symbol: TGEN

$2.68

$0.04

1.52%


Tecogen InVerde Selected for 1 MW Cogeneration Project for New York City Residential Building

Wednesday, May 22, 2019 9:00 AM

WALTHAM, MA / ACCESSWIRE / May 22, 2019 / Tecogen Inc. (NASDAQ: TGEN), a clean energy company providing ultra-efficient, clean, natural gas powered on-site power, heating and cooling equipment, is pleased to announce an order for eight interconnected InVerde e+ cogeneration modules with a capacity upwards of 1 MW for a large residential building under construction in New York City. The system will be installed on the roof of the building and will substantially reduce the required electric infrastructure needed for the building operation. In the case of a grid outage, the system will continue to provide emergency power to the building, eliminating the need for additional standby generators.

"We are continuing to see strong demand for our InVerde microgrid-enabled systems for large buildings that benefit from a modular approach to cogeneration," stated Benjamin Locke, Tecogen's CEO. "The unmatched performance, environmental benefits, and streamlined utility interconnection of our InVerde system, along with Tecogen's large service presence in the greater New York City area, were primary considerations in the selection process. Our ability to run during a grid outage was also an important consideration as resiliency concerns in the city are becoming more important for residents."

The Tecogen solution was selected over larger cogeneration units which rely on synchronous generator technology. Synchronous generators often face complexities and high costs associated with grid interconnection. Tecogen's integral UL 1741SA certified inverter was developed specifically to allow a streamlined interconnect process, significantly reducing scheduling and costs associated with utility permitting. Tecogen will deliver the eight cogeneration units in late 2019, with building completion and system startup expected in 2020. The project includes a five year service contract on all of the cogeneration units.

About Tecogen

Tecogen Inc. designs, manufactures, sells, installs, and maintains high efficiency, ultra-clean, cogeneration products including natural gas engine-driven combined heat and power, air conditioning systems, and high-efficiency water heaters for residential, commercial, recreational and industrial use. The company is known for cost efficient, environmentally friendly and reliable products for energy production that, through patented technology, nearly eliminate criteria pollutants and significantly reduce a customer's carbon footprint.

In business for over 35 years, Tecogen has shipped more than 3,000 units, supported by an established network of engineering, sales, and service personnel across the United States. For more information, please visit www.tecogen.com or contact us for a free Site Assessment.

Tecogen, InVerde e+, Ilios, Tecochill, Tecofrost, Tecopower, and Ultera are registered or pending trademarks of Tecogen Inc.

Forward Looking Statements

This press release contains "forward-looking statements" which may describe strategies, goals, outlooks or other non-historical matters, or projected revenues, income, returns or other financial measures, that may include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "target," "potential," "will," "should," "could," "likely," or "may" and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements.

In addition to those factors described in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q under "Risk Factors", among the factors that could cause actual results to differ materially from past and projected future results are the following: fluctuations in demand for our products and services, competing technological developments, issues relating to research and development, the availability of incentives, rebates, and tax benefits relating to our products and services, changes in the regulatory environment relating to our products and services, integration of acquired business operations, and the ability to obtain financing on favorable terms to fund existing operations and anticipated growth.

Tecogen Media & Investor Relations Contact Information:

Benjamin Locke, CEO
P: (781) 466-6402
E: [email protected]

SOURCE: Tecogen Inc.


Subscribe to alerts from Investor Network
SHARE ARTICLE