Tecogen Announces Collaboration With GTI Energy and UTD for Hybrid Drive Testing

Rhea-AI Summary

Tecogen (TGEN) announced a collaboration with GTI Energy to test its Hybrid Drive technology, funded by Utilization Technology Development. This initiative aims to validate performance metrics for the Hybrid Drive AC chiller prototype, scheduled for completion by the latter half of 2023. Tecogen's innovation is anticipated to enhance energy source flexibility and efficiency for commercial cooling systems, enabling power transitions between gas-fueled engines and the electric grid. The project aims to meet industry goals of reducing greenhouse gas emissions and operational costs.

Positive

• Collaboration with GTI Energy to test Hybrid Drive technology.
• Project funded by Utilization Technology Development enhances credibility.
• Potential to triple the addressable market for clean chiller products.
• Hybrid Drive improves energy source flexibility and efficiency.

Negative

• Future performance of the Hybrid Drive technology remains unproven until testing concludes.
• Dependence on project deadlines for customer demonstrations may pose risks.

WALTHAM, MA, Nov. 08, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Tecogen Inc. (OTCQX: TGEN), a clean energy company providing ultra-efficient and clean on-site power, heating, and cooling equipment, is pleased to announce a collaboration with GTI Energy for testing and validation of Tecogen’s novel Hybrid Drive technology. The project, funded by Utilization Technology Development, NFP (“UTD”), will demonstrate key performance indicators for the Hybrid Drive air cooled (AC) chiller prototype currently under development at Tecogen such as capacity, efficiency, and real-time grid carbon intensity controls. It is anticipated that the testing will be completed in time for customer demonstration projects planned for the second half of 2023.

GTI Energy is a leading research and training organization focused on developing, scaling, and deploying innovative technologies needed for low-carbon, low-cost energy systems. UTD is a not-for-profit scientific research organization comprised of 20 gas distribution companies that develops, tests and demonstrates end-use technologies to help gas customers save energy and reduce GHG emissions, save money, integrate more renewable energy, and benefit from safe, reliable, and resilient operation.

“We believe the Hybrid Drive AC chiller being developed by Tecogen will provide a new degree of resiliency and energy source flexibility for cooling commercial and industrial facilities,” commented David Cygan, Senior Director, Industrial Energy Systems at GTI Energy. “We are pleased to be working with Tecogen to demonstrate the key attributes of this new product that meets UTD’s goals of reducing GHG emissions and operating costs while simultaneously enhancing resiliency.”

Tecogen’s Hybrid Drive AC chiller will allow blending of power sources and a seamless transition of power for the chiller between a Tecochill gas-fueled engine and the electric grid. As the electric grid gets cleaner to meet state and federal renewable energy mandates, the Hybrid Drive will allow transition to grid operation when the grid's environmental footprint is preferred over on-site combustion. This will allow building owners to cool their facilities knowing they are using the best and most economical power either from the grid or the Tecochill drive or any combination now or in the future.

“We are excited to have the support of UTD and GTI Energy as we develop the Hybrid Drive AC chiller,” noted Benjamin Locke, Tecogen’s CEO. “This new product will more than triple the addressable market for our clean chiller products offering a level of GHG gas savings, cost savings, and grid resiliency not previously available to commercial and industrial facilities. We will continue to work with partners in the gas industry to demonstrate the new product with customers after testing is completed with GTI Energy.”

About Tecogen

Tecogen Inc. designs, manufactures, installs, and maintains high efficiency and ultra-clean cogeneration products, including combined heat and power systems, air conditioning systems, and high-efficiency water heaters for residential, commercial, recreational, and industrial applications. The company’s cost efficient, reliable, and environmentally friendly products for energy production nearly eliminate criteria pollutants and significantly reduce customers’ 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 throughout North America. Aggregate run hours on Tecogen’s InVerde cogeneration systems exceeds 5 million hours. For more information, please visit www.tecogen.com or contact us for a free Site Assessment.

Tecogen, InVerde e+, Ilios, Tecochill, Tecofrost, Tecopack, Tecopower, Ultera, and NetZero Greens are pending or registered 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," "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.

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 the Risk Factors described in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q under “Risk Factors,” factors that could cause our actual results to differ materially from past and projected future results include the impact of the coronavirus pandemic on demand for our products and services, the availability of incentives, rebates and tax benefits relating to our products, changes in the regulatory environment relating to our products, competing technological developments, and the availability of financing to fund our operations and growth.

Tecogen Media & Investor Relations Contact Information:
Benjamin Locke, CEO
P: (781) 466-6402
E: Benjamin.Locke@Tecogen.com

FAQ

What is Tecogen's new Hybrid Drive technology?

Tecogen's Hybrid Drive technology is an innovative AC chiller that allows blending power sources between a gas engine and the electric grid for enhanced efficiency and flexibility.

Who is partnering with Tecogen for the Hybrid Drive project?

Tecogen is collaborating with GTI Energy for testing and validation of the Hybrid Drive technology.

When will Tecogen's Hybrid Drive technology be available for customer demonstrations?

The testing of Tecogen's Hybrid Drive technology is expected to be completed in the second half of 2023.

How does Tecogen's Hybrid Drive technology impact greenhouse gas emissions?

The Hybrid Drive technology is designed to reduce greenhouse gas emissions by allowing seamless transitions between cleaner power sources.

What funding supports the Hybrid Drive testing by Tecogen?

The testing is funded by Utilization Technology Development, a not-for-profit organization.