WALTHAM, Mass., Sept. 15, 2015 /PRNewswire/ -- Tecogen® Inc. (NASDAQ: TGEN) today announced the sale of a combined heat and power (CHP) system for installation in a multi-story condominium located on Manhattan's West Side. The building is in the early stages of construction and is expected to be sufficiently completed to accept delivery of the equipment in the second quarter of 2016. This is the fifth new high rise building in New York City from the same property management company to include Tecogen CHP systems in their buildings. The sale also brings total 2015 year-to-date CHP module sales into the New York City multi-unit-residential market above 2014 full year market segment sales.
"The goal of our sales team at Tecogen is to demonstrate the unique attributes and enhanced performance of our equipment so customers will select our products for all their new construction projects in this important market segment," said Benjamin Locke, Co-CEO. "The fact that this sale also marks an important milestone of exceeding last year's sales level with a full quarter left to go in the year speaks to the power of our focused sales initiative in the territory. With a high spark spread, the multi-unit-residential market in the five boroughs is a logical fit for our energy efficient technology and a great solution for our customers there."
The sale includes Tecogen's 100 kW CHP module, the InVerde® Ultra INV-100 along with various factory-assembled, engineered accessories that will facilitate system installation. Located on the roof of the building, the system was specified to utilize Tecogen's outdoor, weatherproofed version of the InVerde module. The module will generate electricity and hot water for the building with an annual retail value of $150,000 but at less than half the cost and carbon output of conventional sources. Equipped with Tecogen's patented low emissions system, Ultra, criteria emissions from the CHP system, the pollutants related to smog, will be lowered to near zero levels. These low emissions are well below local air permit requirements and meet the strictest standards, like those in Southern California. Additionally, the unit will be configured to power the building's common areas for extended periods in the event of a blackout, a feature that few competitive technologies offer but which is increasingly top-of-mind for new developers, especially as we approach the anniversary of Hurricane Sandy next month.
Tecogen manufactures, installs, and maintains high efficiency, ultra-clean combined heat and power products including natural gas engine-driven cogeneration, 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 building'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.
Tecogen Investor Relations & Media Contact Information:
Ariel F. Babcock, CFA
P: (781) 466 - 6413
E: [email protected]
John N. Hatsopoulos
P: (781) 622 - 1120
E: [email protected]
SOURCE Tecogen Inc.