Tecogen Sells InVerde Cogeneration System to New York Residential Building
WALTHAM, MA, April 01, 2021 (GLOBE NEWSWIRE) -- 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 the sale of an InVerde e+ cogeneration system to a large residential building under construction in Brooklyn, New York. The system will provide 125 kW of onsite power for the building with the cogenerated heat used for domestic hot water for residents. Once the InVerde e+ cogeneration system is installed, it will be serviced from Tecogen’s Brooklyn, NY service center.
“Engineering our InVerde e+ into the building design is the most cost-effective way to incorporate the energy savings and resiliency of our system,” noted Jeffrey Glick, Vice President of East Coast Sales. “In this case the building will be seeking a LEED Silver sustainability rating and Tecogen worked closely with the building’s engineering team to maximize the energy savings and greenhouse gas (GHG) reductions from our cogeneration system – which are important factors in obtaining the LEED certification.”
The InVerde e+ provides significant GHG reductions when compared to power obtained from the grid and hot water from a typical boiler. It is expected that this building will reduce its GHG footprint in excess of 170 metric tons/year, allowing the building to avoid substantial fines that may be assessed on buildings that fail to meet prescribed GHG reduction goals under New York City’s Local Law 97 which requires GHG reductions of 25% by 2024 and 40% by 2030.
“The project developer and engineering team involved with this project previously installed a Tecogen cogeneration system in a similar residential building in New York that has been running as expected for over three years, resulting in an estimated GHG reduction of 400 metric tons in addition to significant energy cost savings,” noted Benjamin Locke, Tecogen’s CEO. “Our InVerde cogeneration system offers buildings like these both tremendous economic and environmental benefits as well as the added benefit of resiliency to grid outages.”
Tecogen Inc. designs, manufactures, sells, installs and maintains high efficiency, ultra-clean, cogeneration products including combined heat and power, air conditioning systems and high-efficiency water heaters for residential, commercial, recreational and industrial use. The company provides 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 throughout North America. 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 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
Released April 1, 2021