Tecogen’s Inverde e+ Continues to Play an Important Role in Easing Grid Constraints in NYC
WALTHAM, Mass., Sept. 05, 2018 (GLOBE NEWSWIRE) -- 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 several InVerde e+ cogeneration sales in New York City. Six InVerde e+ cogeneration units totaling 800 kW of microgrid enabled electric generation have been ordered and are currently being installed in four different projects. The units are expected to save over $1 million annually on energy costs and will provide backup power during any grid outages.
“The electricity demands of New York City are magnified on hot summer days when electricity use exceeds baseline generation capacity,” said Abinand Rangesh, Director of Project Development for Tecogen. “Our InVerde e+ systems play an important role in easing the capacity constraints during these peak periods. Using our cloud-based monitoring system and controls we can respond to utility requests for grid support services such as demand response. We have several sites currently enrolled in these programs, which ultimately result in additional savings for our customers.”
Tecogen has the largest fleet of inverter-based CHP systems in New York City with 350 GWh generated since 2008. The systems are maintained, almost exclusively, by three Tecogen service centers located in Valley Stream, NY, Westchester County, NY, and Piscataway, NJ. The close proximity of our service centers to sites, local stocking levels, and quantity of mobile technicians is essential when participating in grid response programs and ultimately reflects on Tecogen’s record fleet performance capability.
“The InVerde e+ system is ideally suited for the changing needs of power generation in urban environments such as New York City,” stated Benjamin Locke, Tecogen CEO. “The utility is increasingly turning to microgrid-enabled technology that can provide assistance in times of critical grid needs. We expect more utilities to require smart inverters such as our InVerde e+ system as utilities turn to distributed generation to play a bigger role in overall grid management.”
All six Tecogen systems will receive state incentives that help offset overall system cost.
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.
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 across the United States. For more information, please visit www.tecogen.com or contact us for a free Site Assessment.
Tecogen, InVerde e+, Ilios, Tecochill, 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," "project," "target," "potential," "will," "should," "could," "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. Given these uncertainties, you should not place undue reliance on these 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 those factors described in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q under “Risk Factors”, among the factors that could cause actual results to differ materially from past and projected future results are the following: fluctuations in demand for our products and services, competing technological developments, issues relating to research and development, the availability of incentives, rebates, and tax benefits relating to our products and services, changes in the regulatory environment relating to our products and services, integration of acquired business operations, and the ability to obtain financing on favorable terms to fund existing operations and anticipated growth.
Tecogen Media & Investor Relations Contact Information:
Benjamin Locke, CEO
P: (781) 466-6402
E: Benjamin.Locke@Tecogen.com
John N. Hatsopoulos
P: (781) 622-1120
E: John.Hatsopoulos@Tecogen.com
Released September 5, 2018