In Strong Show of Support - Tecogen and Strategic Investors Pledge Additional $4 Million for Automotive Emissions Control Venture
WALTHAM, Mass., Aug. 4, 2016 /PRNewswire/ -- Tecogen® Inc. (NASDAQ: TGEN), a leading provider of cost efficient, clean and reliable products for power production, heating and cooling which, through patented technology, nearly eliminate criteria pollutants and significantly reduce a customer's carbon footprint, is pleased to announce further funding for joint venture affiliate Ultra Emissions Technologies Ltd. ("ULTRATEK"). In a strong demonstration of support for the automotive emissions research and development efforts, the ULTRATEK partners have invested an additional $4 million, $2 million of which was contributed by Tecogen to maintain the company's ownership interest in the important automotive emissions venture.
"Results from initial Phase 1 testing of Ultera on a light duty vehicle at AVL's California Technology Center have been thoroughly analyzed and indicate the patented emissions control system is highly effective at delivering further reduction in criteria pollutants that contribute to smog and are harmful health hazards. Although the funds are not yet needed, this additional round of financing is a strong vote of confidence from all of the ULTRATEK partners, including Tecogen, in support of the development initiative. ULTRATEK now has the financial flexibility to rapidly pursue a wide range of development options and potential partners with complete confidence," said Robert Panora, ULTRATEK Co-CEO and Tecogen President and COO.
ULTRATEK's Phase 1 testing (detailed here) focused on simulated driving cycles prescribed by federal regulations for vehicle certification. In these tests, criteria pollutants (those contributing to smog and negatively impacting human health) were reduced in all simulated drive conditions, vastly improving emissions performance when compared to currently available emissions control technologies. Ultera benefits were particularly noteworthy during aggressive driving conditions found in certain federal test cycles. The Phase 1 testing was completed at the AVL California Technology Center in Lake Forest California utilizing their state of the art vehicle test cell. The laboratory, in addition to its ability accurately replicate driving conditions, can measure pollution output of the vehicle in real time with extreme precision. The vehicle was a new light-duty 2016 model driven for several months to complete its "break in" period, as recommended by the manufacturer's specifications, and was in compliance with emissions regulations as currently tested on federally prescribed simulated driving cycles.
About Ultra Emissions Technologies Ltd.
Ultra Emissions Technologies Ltd, known as ULTRATEK, is a 50/50 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.
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 4, 2016