Tecogen Announces First Sale of TEDOM Unit in U.S. via TTcogen JV
WALTHAM, Mass., Aug. 3, 2016 /PRNewswire/ -- Tecogen® Inc. (NASDAQ: TGEN) is pleased to announce TTcogen LLC has sold its first unit just months after launching the TEDOM a.s. product portfolio into the U.S. market. The sale is for a TEDOM Micro 35 kW combined heat and power (CHP) unit, slated to be installed in a 138 unit multi-family residential building in Brooklyn, NY.
"This rapid first sale proves the demand and customer need for the compact Micro CHP unit is real. With a less than 3 year payback period after incentive rebates and annual savings estimated to be in excess of $60,000, the Micro 35 kW unit is a natural fit for this building," said Benjamin Locke, co-Chief Executive Officer of Tecogen. He added, "This is an excellent example of the Tecogen sales team turning what would have been a lost customer, with a building that is too small to take advantage of our other CHP offerings, into a customer now being served by a product from the TTcogen portfolio – producing the exact synergies that were contemplated when management formed this joint venture."
TEDOM's Regional Director of North American Sales Jiří Janša noted, "We are excited to have received an order so soon after launching our joint venture with Tecogen to bring our products to the U.S. market. This sale is a demonstration of the strong synergies we see in the TTcogen relationship, we look forward to building on this initial sales momentum in the months to come."
The compact natural gas powered unit is sized to serve nearly the entirety of the building's domestic hot water load while also producing electricity for the property. In addition, the synchronous unit's blackstart capability allows the Micro 35 to provide power in a blackout, improving building resiliency and offering residents peace of mind they will never be left in the dark.
The sale includes full turnkey installation service from Tecogen's expert service team. Because of the compact size of the Micro 35, the unit is easy to retrofit to existing buildings. The simpler installation reduces the time required for installation construction, moderating disruption for residents. Mr. Locke noted, "Given the streamlined installation schedule, we expect building residents to begin reaping the benefits of their new Micro CHP unit before year end."
A joint venture affiliate company of CHP experts Tecogen and TEDOM, TTcogen utilizes Tecogen's experienced sales and service network to deliver TEDOM's efficient line of packaged combined heat and power (CHP) units to United States customers.
About TTcogen LLC
TTcogen LLC is a 50/50 joint venture corporation between packaged combined heat and power (CHP) experts Tecogen Inc. and TEDOM a.s. TTcogen offers a complete package of 27 cutting-edge CHP modules that are fully capable of running on a variety of fuel feedstocks, including natural gas, propane, and renewable natural gas (biofuel). Ranging in size from 35 kW up to 4 MW, the full product portfolio meets the needs of residential, commercial and industrial customers that desire efficient and environmentally friendly energy solutions.
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
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SOURCE Tecogen Inc.
Released August 3, 2016