Tecogen Receives Follow-on Order from Connecticut Municipality

Rhea-AI Summary

Tecogen Inc. (OTCQX: TGEN) has announced a follow-on order of two additional Tecochill systems for elementary schools in Connecticut. This order adds to three previously ordered systems, totaling seven units with a capacity of 1,850 tons. The funding is sourced from the American Rescue Plan for HVAC improvements, which will result in yearly greenhouse gas savings of 1,700 tons. Tecogen's CEO, Benjamin Locke, states that their equipment reduces energy costs and carbon emissions amid rising electric rates.

Positive

• Follow-on order for two Tecochill systems increases total to seven units representing a combined capacity of 1,850 tons.
• The project is funded by American Rescue Plan, securing financial backing for HVAC improvements.
• Expected greenhouse gas savings of 1,700 tons annually from the new Tecochill systems.

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• None.

WALTHAM, MA, Oct. 13, 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 follow-on order of two additional Tecochill systems for a large municipality in Connecticut consisting of one 200 ton Tecochill system for an elementary school and one 50 ton Tecochill system for a separate elementary school.  In both cases the systems are part of a district-wide upgrade to provide air conditioning to schools that previously did not have central cooling. The two Tecochill units are in addition to three 400 ton Tecochill chiller systems ordered by the district in July.  The order brings a total of 7 Tecochill units with a combined capacity of 1850 tons of Tecochill cooling for the municipality, which has been a Tecogen customer for over 20 years. 

The municipality is taking advantage of its allocation of American Rescue Plan (ARP) funding for improvements in heating, ventilating and air conditioning (HVAC) in the school system to fund the projects.  In addition to significant cost savings and additional resiliency to electric grid outages, the municipality is expected to achieve greenhouse gas (GHG) savings of 1,700 tons/year in the aggregate from its Tecochill systems.  

“We are excited that this Connecticut municipality decided to supplement its order for Tecochill systems in its school and municipal buildings,” noted Benjamin Locke, Tecogen’s CEO. “Tecogen equipment is uniquely suited to reduce both energy costs and carbon emissions as electric rates continue to increase, and our equipment enables customers to satisfy emerging GHG reduction goals.”

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, and Ultera 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 recent order has Tecogen (TGEN) received?

Tecogen has received a follow-on order for two additional Tecochill systems for elementary schools in Connecticut.

How many Tecochill systems does Tecogen have in total for the Connecticut municipality?

Tecogen now has a total of seven Tecochill systems for the municipality, with a combined cooling capacity of 1,850 tons.

What funding source is being used for the Tecogen systems?

The funding for the Tecogen systems comes from the American Rescue Plan, designated for HVAC improvements.

What are the expected environmental benefits of the Tecochill systems?

The Tecochill systems are expected to achieve greenhouse gas savings of 1,700 tons per year.

Who is the CEO of Tecogen, and what did they say about the recent order?

Benjamin Locke is the CEO of Tecogen, and he expressed excitement about the Connecticut municipality's decision to supplement its order for Tecochill systems.