Tecogen Partners with WGL Energy on Large New York CHP Project
Seven InVerde e+ units to power multiunit residential complex in New York City
WALTHAM, MA -- (Marketwired) -- 05/24/17 -- Tecogen® Inc. (NASDAQ: TGEN), provider of clean energy products which, through patented technology, nearly eliminate criteria pollutants and significantly reduce a customer's carbon footprint, today announced an agreement with WGL Energy Systems (WGL Energy) to install seven Tecogen InVerde 100 e+ CHP modules at a large, multiunit residential complex in Manhattan, New York.
WGL Energy, which operates distributed generation systems in 19 states and the District of Columbia, will own the combined heat and power (CHP) system and sell the energy to the complex at a discounted rate from the existing electric utility. Tecogen will install, commission and provide operations and maintenance services for the 700 kW CHP plant over a 20-year term. The system will also provide backup power to the complex in the event of a grid outage.
"This project has been under development at Tecogen for some time," noted Tecogen Co-CEO Benjamin Locke. "Large residential buildings are a perfect fit for our CHP systems, and no other CHP manufacturer can provide the same savings and operational capabilities as our InVerde e+ system. WGL Energy provided a savings package to the complex that was extremely compelling. We look forward to working with WGL Energy on future projects that require outside financing."
Speaking about the project, Sanjiv Mahan, President of WGL Energy, noted, "WGL Energy is a leader in efficient and environmentally-friendly energy technology solutions to residential, government, commercial and industrial customers. This project was a perfect fit for our financial model, and we are excited to work with Tecogen on this project and potentially more projects in the future."
The project is expected to finish in phases over the next 9-12 months and be fully operational in 2018. The project is also partially financed through incentives from the New York State Environmental Research and Development Agency (NYSERDA).
About WGL Energy
WGL Energy delivers a full spectrum of energy offerings, including electricity, natural gas, renewable energy, carbon reduction, distributed generation and energy efficiency solutions provided by WGL Energy Services, Inc. and WGL Energy Systems Inc. To learn more, visit us at www.wglenergy.com. Follow us at @wglenergy on Twitter and WGL Energy on LinkedIn.
WGL (NYSE: WGL), headquartered in Washington, D.C., is a leading source for clean, efficient and diverse energy solutions. With activities and assets across the U.S., WGL consists of Washington Gas, WGL Energy, WGL Midstream and Hampshire Gas. WGL provides natural gas, electricity, green power and energy services, including generation, storage, transportation, distribution, supply and efficiency. Our calling as a company is to make energy surprisingly easy for our employees, our community and all our customers. Whether you are a homeowner or renter, small business or multinational corporation, state and local or federal agency, WGL is here to provide Energy Answers. Ask Us. For more information, visit us at www.wgl.com.
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 30 years, Tecogen has shipped more than 2,500 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:
John N. Hatsopoulos
P: (781) 622-1120
Source: Tecogen, Inc.
Released May 24, 2017