Tecogen Receives Order for Three Chillers Providing 1200 Tons of Cooling and Dehumidification for Indoor Agriculture Facility in Georgia

Rhea-AI Summary

Tecogen (OTCQX: TGEN) announced a new order for three DTX Tecochill chillers, providing 1200 tons of cooling for indoor agriculture in Georgia. This order comes from a repeat customer in the leafy greens sector. The chillers are expected to be delivered in 2023 and will be maintained under a long-term service agreement from Tecogen's Florida service center. The installation qualifies for a 40% Investment Tax Credit, aiding the customer's investment in sustainable solutions. Tecogen emphasizes that its chillers support optimal plant growth while lowering carbon footprints and energy usage.

Positive

• Secured an order for three DTX chillers, enhancing revenue.
• Chillers eligible for a 40% Investment Tax Credit, promoting customer investment.
• Long-term service agreement ensures ongoing revenue and customer engagement.

Negative

• None.

WALTHAM, MA, March 23, 2023 (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 three DTX Tecochill chillers providing 1200 tons of cooling to a repeat customer in the indoor agriculture space for the cultivation of leafy greens at a facility in Georgia.  We also expect to enter into a long-term service agreement to maintain the chillers from our Florida service center in order to ensure maximum uptime for the systems.

“The three DTX chillers will be delivered in 2023 and will provide efficient and reliable cooling for years to come. Our team is dedicated to providing innovative solutions that promote sustainability and growth, and we are proud to continue serving the indoor agriculture sector,” stated Abinand Rangesh, Tecogen’s CEO. “We are also pleased to note that the chillers qualify for a 40% Investment Tax Credit (ITC) that facilitates our customer’s investment in our clean energy solutions.”

“Our DTX chillers are ideally suited for Controlled Environment Agriculture because they provide optimal cooling and dehumidification for plant growth,” commented Stephen Lafaille, Tecogen’s VP, Business Development. “Our chillers enable indoor agriculture facilities to maintain the most appropriate environment to support crop growth while reducing the associated carbon footprint and energy consumption by the facility.”

For more information about Tecogen and our line of clean energy products, please visit our website at www.tecogen.com.

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 3,150 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, NetZero Greens, Tecochill, Tecofrost, Tecopack, 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," "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:
Abinand Rangesh, CEO
P: (781) 466-6487
E: Abinand.rangesh@Tecogen.com

FAQ

What is Tecogen's recent announcement regarding TGEN?

Tecogen announced an order for three DTX Tecochill chillers for indoor agriculture, providing 1200 tons of cooling.

How does the Investment Tax Credit affect Tecogen's business?

The chillers qualify for a 40% Investment Tax Credit, which supports customer investment in Tecogen's clean energy solutions.

What does the long-term service agreement mean for TGEN investors?

The long-term service agreement ensures consistent revenue generation and customer satisfaction, which is beneficial for TGEN investors.

When are the chillers expected to be delivered?

The three DTX chillers are expected to be delivered in 2023.