Brooklyn Manufacturing Company Orders 2 InVerde e+ Units
Installation is in conjunction with a facility expansion that includes upgrading three existing InVerdes to e+ specifications
WALTHAM, MA -- (Marketwired) -- 02/15/18 -- Tecogen ® Inc. (NASDAQ: TGEN), a clean energy company providing ultra-efficient, clean, natural gas powered on-site power, heating and cooling equipment, is pleased to announce the sale of two InVerde e+ cogeneration units to a light manufacturing company in Brooklyn, NY. The two units are being added to three existing InVerde units that were first installed in early 2010. The three existing units will undergo upgrades to raise them to e+ specifications. The upgrades include updated engine controls, inverter electronics, and wiring that will boost electric capacity by 25 kW to 125 kW and improve operating efficiency. Once the project is complete, the facility's total generation capacity will have increased from 300kW to 625 kW. The increase in power capacity is part of a larger project to expand the facility to accommodate growth in the business.
Commenting on the deal, Jeffrey Glick, Tecogen's Vice President of Sales, stated, "With proper servicing, our cogeneration units can last indefinitely. We can also upgrade older equipment to the latest specifications without too much difficulty. It's an easy way to add capacity. We are pleased that this customer has chosen us to help them grow."
The sale exemplifies the broad and diverse range of customers Tecogen's products attracts. According to Tecogen's Co-CEO Benjamin Locke, "The significance of this sale is the value a manufacturing company finds in our cogeneration products. We make a big deal about our leadership in the multi-unit residential market. However, that's only part of the story. There is growing awareness that the application of our cogeneration equipment to manufacturing and industrial needs can yield robust and sustainable economics. It's a positive rate of return investment. Importantly, the budget bill that was recently passed by Congress and signed by the President extends the 10% investment tax credit on CHP systems through the end of 2021, which further enhances the rate of return on installations such as this one."
About Tecogen
Tecogen® Inc. designs, manufactures, sells, installs, and maintains high efficiency, ultra-clean, cogeneration products including natural gas engine-driven combined heat and power, air conditioning systems, and high-efficiency water heaters for residential, commercial, recreational and industrial use. The company is known for cost efficient, environmentally friendly and reliable products for energy production that, through patented technology, nearly eliminate criteria pollutants and significantly reduce a customer's carbon footprint.
In business for over 30 years, Tecogen has shipped more than 2,500 units, supported by an established network of engineering, sales, and service personnel across the United States. For more information, please visit www.tecogen.com or contact us for a free Site Assessment.
Tecogen, InVerde, Ilios, Tecochill, Ultera, and e+, are registered trademarks or trademark pending registration of Tecogen Inc.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our present intent, beliefs or expectations, and are not guaranteed to occur and may not occur. Therefore, you should not rely on any of these forward-looking statements. Actual results may differ materially from those contained in or implied by our forward-looking statements as a result of various factors such as economic conditions, significant product and service competition and other factors described in Item 1A "Risk Factors" in our most recent Form 10-K. Forward-looking statements can be identified by words such as: "anticipate," "will," "believe," "plan," "should," "continue," and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding expected operation results such as revenue growth and earnings, strategies for business development and customer base growth.
Any forward-looking statement made in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Tecogen Media & Investor Relations Contact Information:
John N. Hatsopoulos
P: (781) 622-1120
E: John.Hatsopoulos@Tecogen.com
Jeb Armstrong
P: (781) 466-6413
E: Jeb.Armstrong@Tecogen.com
Source: Tecogen, Inc.
Released February 15, 2018