WALTHAM, Mass., Sept. 27, 2016 /PRNewswire/ --
Tecogen® Inc. (NASDAQ: TGEN, the "Company"), provider of
clean energy products which, through patented technology, nearly
eliminate criteria pollutants and significantly reduce a customer's
carbon footprint, is pleased to announce that automotive emissions
joint venture affiliate Ultra Emissions Technologies Ltd.
("ULTRATEK') raised a further $6.25
million in cash. This third round of funding brings total
cash on hand at ULTRATEK to approximately $12.5 million. The additional funding came at a
substantial premium to prior funding rounds, valuing ULTRATEK at
$7.1656 per share – or approximately
$58.2 million (on a fully diluted pro
forma basis).
Commenting on ULTRATEK's progress, Robert Panora, ULTRATEK Co-CEO and Tecogen's
President and COO, added, "Phase 2 testing of our emissions
control technology at AVL's California Technology Center is
underway; we expect to complete this round of testing by late
October. Following careful analysis of Phase 2 results, the
ULTRATEK team will evaluate and determine suitable next steps and
share them when appropriate. We are fortunate to have a group of
dedicated investors with ties to the auto industry and will be
relying on their good counsel to help guide us forward."
Dr. Elias Samaras, ULTRATEK
Co-CEO, noted, "This is a wonderful milestone in ULTRATEK's
development as it represents the first round of funding to include
investment from outside the original ULTRATEK shareholder base. I
view this as a strong demonstration of the faith sophisticated
investors place in our expert team and their efforts toward
developing a patented and robust emissions control solution for
gasoline vehicles."
Although Tecogen did not participate in this subsequent round of
funding, the Company's interest in ULTRATEK was retained via its
rights to appoint half of ULTRATEK's board members as well as the
requirement that 90% of ULTRATEK shareholders approve any
resolutions.
About Ultra Emissions Technologies Ltd.
Ultra
Emissions Technologies Ltd, known as ULTRATEK, is a joint venture
company formed in December 2015 and
incorporated in the Island of Jersey, Channel Islands. The
company's mission is to develop and adapt Tecogen's patented Ultera
ultra-low emissions control technology for the gasoline
transportation markets. ULTRATEK maintains the exclusive licensing
rights to the Ultera technology for the global vehicle market. The
company is funded by a group of Strategic Investors and staffed by
an expert team of engineers and consultants.
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 20 years, Tecogen has shipped more than
2,300 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 may
contain forward-looking statements under the Private Securities
Litigation Reform Act of 1995 that involve a number of risks and
uncertainties. Important factors could cause actual results to
differ materially from those indicated by such forward-looking
statements, as disclosed on the Company's website and in Securities
and Exchange Commission filings. The statements in this press
release are made as of the date of this press release, even if
subsequently made available by the Company on its website or
otherwise. The Company does not assume any obligation to update the
forward-looking statements provided to reflect events that occur or
circumstances that exist after the date on which they were
made.
Tecogen Media & Investor Relations Contact
Information:
Ariel F. Babcock,
CFA John
N. Hatsopoulos
P: (781) 466-6413
P: (781) 622-1120
E: Ariel.Babcock@tecogen.com
E: John.Hatsopoulos@tecogen.com
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SOURCE Tecogen Inc.