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Tecogen Inc. (OTCQX: TGEN) is a pioneering manufacturer of combined heat and power (CHP) products, including natural gas engine-driven cogeneration systems, air conditioning systems, and high-efficiency water heaters designed for industrial and commercial use. Based in Waltham, MA, Tecogen specializes in providing innovative solutions that generate electric power, cooling, or hot water while efficiently recycling thermal energy from engines to reduce both energy costs and greenhouse gas emissions.
With an installed base of over 2,000 units, Tecogen boasts a robust network of engineering, sales, and service personnel spread across the United States, ensuring comprehensive support and maintenance services. The company's product lineup includes the celebrated InVerde units, Tecopower Cogeneration systems, Hybrid Air-Cooled Chillers, and more, each designed to provide maximum energy savings and environmental benefits.
Recent achievements underscore Tecogen's growth and commitment to innovation. For instance, the company recently announced orders for multiple Hybrid Air-Cooled Chillers and InVerde units for a utility customer in Florida, as well as 12 Tecopower Cogeneration units for multiple smaller projects. These accomplishments reflect Tecogen’s ability to attract repeat business and its reputation for delivering reliable, high-efficiency energy solutions.
In the most recent fiscal year, Tecogen reported total revenues of $25.1 million and showed significant progress in reducing its adjusted EBITDA loss. The company is focused on increasing its recurring cash flow from energy and services, which would cover fixed costs while securing profitable large-dollar projects. Tecogen's strategic initiatives include expanding its service agreements, recently acquiring contracts for an additional 83 cogeneration units, and expanding its service offerings in Canada, which is expected to bring substantial additional revenue.
Founded over 35 years ago, Tecogen continues to lead the way in providing environmentally friendly and cost-effective energy production solutions. The company’s products nearly eliminate criteria pollutants and significantly reduce customers' carbon footprints. Tecogen's commitment to sustainability and innovation ensures it remains a significant player in the clean energy sector.
For more information, visit Tecogen's website or contact them for a free site assessment.
Tecogen (OTCQX: TGEN) announced the sale of two 75 kW cogeneration systems for an extended care facility in Queens, New York. These units will help reduce electricity costs and utilize waste heat for domestic hot water. The installation will be handled by an experienced contractor, ensuring efficient deployment. Key executives highlighted that such facilities are ideal for cogeneration due to their constant hot water needs. With rising electric rates in New York, the investment is expected to secure long-term savings for the facility owner.
Tecogen (OTCQX: TGEN) has announced the sale of an InVerde e+ cogeneration system to a new residential building in Brooklyn, NY, which will supply 125 kW of onsite power. This system's cogenerated heat will provide domestic hot water for residents. The installation aims to help the building achieve its LEED Silver sustainability rating and significantly reduce greenhouse gas emissions by over 170 metric tons per year, thus avoiding fines under New York City’s Local Law 97. The project highlights Tecogen's commitment to economic and environmental benefits.
Tecogen Inc. (OTCQX: TGEN) has launched the Tecopack microgrid system, designed for combined heat and power (CHP) applications. This innovative system offers pre-packaged, drop-in solutions with variable speed operation, Ultera emissions control, and Smart Inverter technology, aimed at improving energy efficiency. The system has been installed in various facilities, including nursing homes and sports complexes. Tecogen emphasizes the system's benefits in reducing energy costs and enhancing resilience against grid disruptions, with immediate availability for purchase or lease.
Tecogen (OTCQX: TGEN) announced the sale of three 400-ton Tecochill chillers to an indoor cannabis cultivation facility in Massachusetts, bringing their total sales to 29 chillers in the state. The chillers provide an integrated modular solution that optimizes grow space and simplifies installation. This development is part of an increasing trend in the cannabis industry, where operators seek to reduce operational costs through efficient gas cooling systems. Tecochill systems offer lower operating costs and enhanced resilience against power outages compared to electric chillers.
Tecogen Inc. (OTCQX:TGEN) reported a 15.5% decline in revenues, totaling $28.3 million for 2020, as the COVID-19 pandemic impacted all segments. Product revenues fell to $10.5 million, and service revenue reached $15.9 million. Despite a decrease in gross profit to $10.8 million, gross margin improved to 38.3%. The company recorded a net loss of $6.2 million, primarily due to one-time impairments. However, cash flows from operations improved to $1.4 million. Tecogen also executed a license agreement for its emissions reduction technology and expanded its patent portfolio.
Tecogen (OTCQX: TGEN) has announced the sale of two InVerde e+ cogeneration systems for a school district in upstate New York. One system will be installed at the middle school and the other at the elementary school, providing electricity and heat at a lower cost than existing utilities. This initiative is part of a broader energy services package provided by an Energy Services Company (ESCO). Tecogen has installed over 300 similar systems in the area, emphasizing energy cost savings and backup power during outages.
Tecogen Inc. (OTCQX: TGEN) announced that Robert Panora, President and COO, will present an update on the Ultera™ near-zero emissions forklift program during a webinar on February 25, 2021, at 2 p.m. EST. The presentation aims to showcase Tecogen’s proprietary catalyst system designed to enhance indoor air quality and facilitate certification to California's Optional Low Emission Standard. Tecogen aspires to become the first certified entity for this standard since its inception.
Tecogen (TGEN) announced that Robert Panora, President and COO, will present on the Ultera™ near-zero emissions forklift program at a webinar on February 25, 2021. The presentation will focus on how Tecogen's catalyst system can help improve indoor air quality and aims for certification under California's near-zero emissions standard. The company, which has over 35 years in the clean energy sector and has shipped more than 3,000 units, emphasizes its commitment to environmentally friendly technology.
Tecogen Inc. (OTCQX: TGEN) will announce its year-end 2020 financial results on March 11, 2021. The earnings press release and supplemental slides will be accessible on its website. A conference call hosted by senior management will occur the same day at 11:00 AM ET, allowing stakeholders to discuss the company’s financial performance. Participants can join via phone or webcast. Tecogen specializes in high-efficiency, ultra-clean cogeneration products, aiming to reduce environmental impact and bolster energy efficiency for various sectors.
Tecogen Inc. (OTCQX: TGEN) announced it has secured a second draw Paycheck Protection Program loan of $1,874,269 under the CARES Act. This 1% interest loan defers payments until June 5, 2022, with monthly repayments commencing on July 5, 2022. The funds will support payroll, rent, and operational expenses, with intentions to apply for loan forgiveness. CEO Benjamin Locke highlighted the importance of this funding for maintaining operations during challenging economic conditions.
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