Tecogen Receives Order for Trigeneration Project in Manhattan
WALTHAM, MA, Sept. 17, 2020 (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 InVerde e+ microgrid enabled cogeneration units for installation in a commercial building in Manhattan. The system will be part of a trigeneration plant providing 375 kW to the building and 120 tons of absorption cooling, as well as providing backup power to the complex in the event of a grid outage. An Energy Services Company (ESCO) will acquire and own the system and will sell energy to the complex at a rate discounted from the existing electric utility under an energy services agreement with the complex.
“We are seeing continued interest in InVerde cogeneration systems for buildings in New York City with space limitations,” noted Abinand Rangesh, Director of Corporate Strategy at Tecogen. “In addition to providing substantial energy savings, the building will have added resiliency to grid outages due to Tecogen’s exclusive inverter and microgrid controls. Tecogen’s reputation as one of the most advanced suppliers of cogeneration systems and long-standing service track record have been crucial to customers’ confidence that our cogeneration systems will operate as expected when needed without interruption.”
Once installation is completed in 2021, Tecogen will enter into a long-term service agreement with the ESCO for the duration of the energy service agreement, and the facility will be serviced from Tecogen’s Piscataway, NJ service center.
“This is our second project with this ESCO for a trigeneration plant,” noted Benjamin Locke, Tecogen’s CEO. “Providing energy saving and resiliency to facilities at zero cost under a shared savings agreement is a compelling alternative to equipment purchases for customers seeking to limit their capital outlays for energy system upgrades. We anticipate additional projects with this ESCO as concerns about the COVID pandemic make the energy services agreement an attractive cost saving and resiliency strategy.”
About Tecogen
Tecogen Inc. designs, manufactures, sells, installs and maintains high efficiency, ultra-clean, cogeneration products including combined heat and power, air conditioning systems and high-efficiency water heaters for residential, commercial, recreational and industrial use. The company provides 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 throughout North America. For more information, please visit www.tecogen.com or contact us for a free Site Assessment.
Tecogen, InVerde e+, Ilios, Tecochill, Tecofrost, Tecopower and Ultera are registered or pending trademarks of Tecogen Inc.
Forward Looking Statements
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Tecogen Media & Investor Relations Contact Information:
Benjamin Locke, CEO
P: (781) 466-6402
E: Benjamin.Locke@Tecogen.com
Released September 17, 2020