WALTHAM, MA –
Testing on a selection of customer sites has resulted in reduced energy purchased from the utility and an increase in equipment run hours. This is a benefit for the customer and Tecogen as it increases customer savings and Tecogen’s service revenue. We expect to start implementing this in many of our service sites over the course of this year.
Any cogeneration system connected to our platform can be controlled centrally. This will also allow us to act like a virtual power plant and participate in utility demand response programs. The capacity from multiple cogeneration systems can be aggregated and receive utility payments which can be shared with the customer.
Since the self-learning intelligent control system is built on our remote monitoring platform it can also be integrated with other distributed generation and cooling products.
“As the world moves towards electrification, the platform that controls the largest amounts of peak power resources has a strategically important position,” said Abinand Rangesh, CEO of Tecogen. “In addition, revenue generated by increased run hours and demand response programs has little direct cost and directly benefits the bottom line.”
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 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’s cost efficient, reliable, and environmentally friendly products for energy production nearly eliminate criteria pollutants and significantly reduce a customer’s carbon footprint.
In business for over 35 years, Tecogen has shipped more than 3,200 units, supported by an established network of engineering, sales, and service personnel throughout North America. Aggregate run hours on Tecogen’s InVerde cogeneration systems exceed 6 million hours. For more information, please visit www.tecogen.com or contact us for a free Site Assessment.
Tecogen, InVerde e+, Ilios, Tecochill, Tecofrost, Tecopack, Tecopower, and Ultera are registered trademarks of Tecogen Inc.
Tecogen Media & Investor Relations Contact Information:
Abinand Rangesh, CEO
P: (781) 466-6487