Tecogen Sells Chiller to Nevada Cannabis Cultivation Facility
WALTHAM, MA / ACCESSWIRE / July 31, 2019 / Tecogen Inc. (NASDAQ:TGEN), a clean energy company providing ultra-efficient, clean, natural gas-powered on-site power, heating, and cooling equipment, is pleased to announce the sale of its Tecochill engine-driven chiller system to a cannabis cultivation facility located in Nevada. Tecogen will provide the facility with a 150-ton Tecochill “STx Series” system as the primary source of cooling with the heat from the system utilized for dehumidification. This is Tecogen’s 30th chiller sold into the indoor cultivation market in North America, with new orders expected as additional states legalize medicinal and/or recreational marijuana products. Following legalization of recreational cannabis in 2017, Nevada is scaling up production to meet the increase in demand.
“The indoor cultivation industry is experiencing rapid growth as a result of changing state regulations,” said Bill Martini, Vice President of West Coast Sales for Tecogen. “New facilities are increasingly turning to gas cooling to protect themselves from the high operational and infrastructure costs of traditional electric chillers. In addition to the extra savings from using Tecochill’s heat recovery for dehumidification, facilities will have less reliance on the electric utility to maintain cooling during peak periods.”
Use of non-electric Tecochill chilling systems allows growth facilities to significantly downsize the backup generation needed to maintain critical growth conditions during disruptions in the electric grid. In tandem with Tecogen’s InVerde microgrid-enabled cogeneration systems, Tecogen can provide complete resiliency to grid outages for growth facilities at a fraction of the cost of large generation systems.
“North American indoor cultivation was valued at almost $50 billion in 2017 and is expected to increase 3.4% annually over the next 5 years,” noted Benjamin Locke, Tecogen CEO. “Tecogen is uniquely positioned to benefit from this segment by virtue of our exclusive gas cooling technology and industry-leading microgrid cogeneration technology. We continue to work with facility engineers and developers to provide long-term operational cost savings with additional resiliency to grid interruptions.”
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 35 years, Tecogen has shipped more than 3,000 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 e+, Ilios, Tecochill, Tecofrost, Tecopower, and Ultera are registered or pending 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," "project," "target," "potential," "will," "should," "could," "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. Given these uncertainties, you should not place undue reliance on these 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 those factors described in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q under “Risk Factors,” among the factors that could cause actual results to differ materially from past and projected future results are the following: fluctuations in demand for our products and services, competing technological developments, issues relating to research and development, the availability of incentives, rebates, and tax benefits relating to our products and services, changes in the regulatory environment relating to our products and services, integration of acquired business operations, and the ability to obtain financing on favorable terms to fund existing operations and anticipated growth.
Tecogen Media & Investor Relations Contact Information:
Benjamin Locke, CEO
P: (781) 466-6402
SOURCE: Tecogen Inc.
View source version on accesswire.com:
Released July 31, 2019