Tecogen Receives 250kW Microgrid Order for Large Residential Building in Manhattan, NY
August 10 2021 - 11:00AM
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 two InVerde e+ microgrid enabled cogeneration systems to
a large residential building in Manhattan, New York. The system
will supply energy to the facility throughout the year at a much
higher efficiency than the utility while also reducing the
building's carbon footprint. In the event of a power outage, the
InVerde units will continue to provide power to the building
through Tecogen's proprietary microgrid controls. The system is
expected to be serviced by Tecogen’s Piscataway, New Jersey service
center.
“Multi-unit residential buildings continue to be
an excellent fit for our cogeneration systems in areas with very
high electric rates and affordable natural gas such as New York
City,” noted Jeffrey Glick, Tecogen’s Vice President of East Coast
Sales. “With electric rates expected to continue increasing in New
York, the cost savings for large residential buildings are
significant. Tecogen’s InVerde equipment also helps building
owners comply with state goals for reductions in the overall carbon
footprint of large buildings. We hope to provide similar solutions
for our customer’s other buildings where they seek cost savings and
carbon footprint reductions.”
New York City has the third-highest average
electricity rates in the nation, 36% over that of the US
national average. Rates in New York are expected to continue
to increase in order to fund mandated infrastructure upgrades and
investment in renewable energy platforms such as large-scale wind
energy.
“The energy landscape in New York City continues
to adapt to state and federally mandated greenhouse gas (GHG)
reduction goals,” added Benjamin Locke, Tecogen’s Chief Executive
Officer. “Our InVerde system allows buildings facing GHG
tariffs to reduce their carbon footprint, thereby avoiding
expensive carbon emission penalties while providing significant
utility savings. The ability of our InVerde microgrid enabled
system to provide power during a grid outage also addresses
resiliency concerns for buildings susceptible to grid
outages.”
About TecogenTecogen Inc. designs,
manufactures, installs, and maintains high efficiency and
ultra-clean cogeneration products, including combined heat and
power systems, air conditioning systems, and high-efficiency water
heaters for residential, commercial, recreational, and industrial
applications. The company’s cost efficient, reliable, and
environmentally friendly products for energy production nearly
eliminate criteria pollutants and significantly reduce customers’
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.
Aggregate run hours on Tecogen’s InVerde cogeneration systems
exceeds 5 million hours. For more information, please
visit www.tecogen.com or contact us for a
free Site Assessment.
Tecogen, InVerde e+, Ilios, Tecochill, Tecofrost,
Tecopack, Tecopower, and Ultera are pending or registered
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," "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.
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 the Risk Factors described in our
Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q
under “Risk Factors,” factors that could cause our actual results
to differ materially from past and projected future results include
the impact of the coronavirus pandemic on demand for our products
and services, the availability of incentives, rebates and tax
benefits relating to our products, changes in the regulatory
environment relating to our products, competing technological
developments, and the availability of financing to fund our
operations and growth.
Tecogen Media & Investor Relations Contact
Information:
Benjamin Locke, CEO
P: (781) 466-6402
E: Benjamin.Locke@Tecogen.com
Tecogen (NASDAQ:TGEN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Tecogen (NASDAQ:TGEN)
Historical Stock Chart
From Sep 2023 to Sep 2024