Tecogen Receives Multiple Unit Order from a Multinational Energy Company

Rhea-AI Summary

Tecogen (TGEN) has announced an order for five Tecopower cogeneration units from a multi-billion dollar Energy Services Company. The units will be installed near Tecogen’s factory service centers, ensuring long-term service. Tecogen’s CEO highlighted this partnership as a vital step amid rising energy prices and supportive legislation from the Inflation Reduction Act, enhancing both economic and sustainability aspects. Tecogen boasts over 35 years in business with over 3,000 units shipped and 5 million aggregate run hours on their systems.

Positive

• Secured an order for five Tecopower cogeneration units from a significant ESCO.
• Potential for long-term partnership with the ESCO, leading to further orders.
• Tecogen's products align with economic and sustainability goals in light of rising energy prices.

Negative

• None.

WALTHAM, MA, Sept. 07, 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 an order for five Tecopower cogeneration units from a subsidiary of a multi-billion dollar Energy Services Company (ESCO).  The units are expected to be installed within the proximity of Tecogen’s factory service centers, which are expected to provide long-term service of the units.

“We are pleased to begin what we hope is a long and fruitful partnership with this ESCO. Considering rising energy prices and the passage of the Inflation Reduction Act, installation of Tecogen’s cogeneration systems offers one of the most compelling value propositions from both an economic and sustainability perspective,” noted Benjamin Locke, Tecogen’s CEO. “We expect to work closely with this ESCO to generate follow on orders for both our cogeneration and clean cooling solutions.”

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 did Tecogen (TGEN) announce in September 2022?

Tecogen announced an order for five Tecopower cogeneration units from a multi-billion dollar Energy Services Company.

How does Tecogen (TGEN) relate to rising energy prices?

Tecogen's CEO mentioned that the installation of their cogeneration systems offers compelling value due to rising energy prices and the Inflation Reduction Act.

What is Tecogen's history in the energy sector?

Tecogen has been in business for over 35 years and has shipped more than 3,000 units, achieving over 5 million aggregate run hours on their systems.

What is the significance of Tecogen's new partnership with the ESCO?

The partnership may lead to follow-on orders for both cogeneration and clean cooling solutions, enhancing Tecogen's market position.

What types of products does Tecogen (TGEN) offer?

Tecogen designs and manufactures high efficiency and ultra-clean cogeneration products, including combined heat and power systems.