WALTHAM, MA / ACCESSWIRE / May 14, 2020 / Tecogen Inc. (NASDAQ:TGEN), a clean energy company providing ultra-efficient and clean on-site power, heating and cooling equipment, is pleased to announce it has signed a two year maintenance contract for 4 InVerde e+ systems with a recreational facility in Toronto. The facility purchased and installed the units in 2019 with maintenance initially provided by a third party. Tecogen was able to secure the contract with the owners of the facility based on the new factory service center established in the Toronto area earlier in the year.
"We are excited that our new service center in Toronto is off to a fast start," noted Joseph Gehret, Director of Field Operations at Tecogen. "Our equipment runs optimally and provides customers with the greatest savings when serviced directly from our service centers. Our service center will also provide valuable support for the InVerde e+ installations currently in progress in Toronto, with service contracts on those systems expected to start at the end of 2020."
Tecogen has grown the population of installed systems in the Toronto area in the past two years, culminating with Tecogen's recent selection to provide cogeneration systems for a housing development in Toronto with a total installed capacity of 3.25 MW. Installation of the units is expected to be complete by the end of 2020 followed by a 20-year service contract on all units with the customer. Tecogen is pursuing factory service contracts on the rest of the installed equipment throughout Ontario.
"Expanding the geographical reach of our service centers is a critical way for us to grow our business beyond our existing markets," stated Benjamin Locke, Tecogen's Chief Executive Officer. "Maximizing uptime of our systems is the key to ensuring the best economics for our customers and long-term customer confidence in our capabilities. We expect continued growth of equipment sales and service contracts in Toronto and the surrounding areas due to our service presence and factory support."
About Tecogen
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 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 our 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
E: Benjamin.Locke@Tecogen.com
SOURCE: Tecogen, Inc.
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