Tecogen Awarded Multiple Turnkey Contracts with Luxury Apartment Building Owner
WALTHAM, MA / ACCESSWIRE / March 5, 2019 / 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 a project with a residential apartment building owner located in New York City. Tecogen will install, commission and provide complete maintenance services for seven InVerde CHP systems to be installed in three of the owner's properties. The systems will also provide backup power to the complex in the event of a grid outage.
Tecogen will deploy its proprietary CHP Insight™ cloud-based monitoring systems which report annual savings and operational characteristics of the Tecogen solution to customers by providing real time system data on system performance. This allows performance and savings information to be delivered from computers, smart phones, or other devices. CHP Insight can also be expanded to control or monitor existing infrastructure in a building which is an additional value added to our customer base.
"This project will show-case Tecogen's cloud-based information management system," said Joseph E. Gehret, Director of Field Operations at Tecogen. "CHP Insight provides real time customer savings information and can be used to develop control strategies to operate the CHP plant to maximize savings for the customer. We are excited to work with this customer to meet energy saving goals while providing grid resiliency for the residential complex."
This project was achievable because of Tecogen's modular approach to CHP solutions. The existing infrastructure in each building demanded units configured around existing structure and that the units be flexible in order to facilitate anticipated changes in operational strategy for meeting the energy needs of the buildings.
"Building owners and developers are continuing to invest heavily in improvements to their buildings that will reduce operating expenses, improve resiliency all the while increasing the value of their properties," said Benjamin Locke, CEO at Tecogen. "The system is projected to exceed $500k in annual savings with a 5-6-year payback. We believe that the financial savings to our CHP customers coupled with the adaptability of our modular systems and the ability to closely monitor, maintain, and optimize the operations of our equipment makes our CHP systems a compelling investment."
The system is expected to be operational in early 2020 and includes a 5-year maintenance contract on all of our CHP units.
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 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
SOURCE: Tecogen Inc.
Released March 5, 2019