Tecogen (NASDAQ: $TGEN) Makes First Sale into Florida's Indoor Grow Facility Industry
WALTHAM, MA - July 25, 2017 (Investorideas.com Newswire) 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 three of its Tecochill "STx Series" chillers to an indoor cannabis growing operation near Tampa, FL. This marks Tecogen's first sale into Florida's recently legalized medical marijuana business. Following the recent announcement of a sale in Massachusetts, Tecogen has now closed six transactions with the indoor cannabis industry.
The units in Florida will provide 450 refrigeration tons of cooling for a 40,000-square foot grow facility, which is being retrofitted out of an existing facility. Bill Martini, Tecogen's Vice President of Sales, commented, "The key points of this particular sale are similar to those on prior indoor grow projects. Utility and infrastructure costs are a big deal for indoor farming. Tecogen's chillers enable growers to replace electricity with less expensive natural gas, and at the same time make use of the waste heat. This greatly boosts a facility's overall energy efficiency and consequently lowers operating costs. The Tecochills' cooling helps remove the heat generated by the thousands of lights that are needed to grow the crops, while the recovered waste heat can be utilized to dehumidify the air. Thanks to our patented Ultera emissions technology, the CO2 contained in the ultra-clean exhaust stream can even be pumped into the facility, to aid in plant growth. Finally, use of efficient gas cooling helps grow facility developers reduce their facilities' electrical requirements, avoiding capital costs and construction delays."
Tecogen Co-CEO Benjamin Locke said, "This deal is powerful evidence of the dramatic value proposition that our equipment provides to indoor growers. Farmers of high value crops such as cannabis lock up a lot of capital in each growing cycle. It's not simply a matter of efficiency and operating cost savings that matters, but also reliability. This initial indoor agriculture contract win in Florida is also indicative of the increasingly geographically broad awareness and interest in our products."
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 30 years, Tecogen has shipped more than 2,500 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, Ilios, Tecochill, Ultera, and e+, are registered trademarks or trademark pending registration of Tecogen Inc.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our present intent, beliefs or expectations, and are not guaranteed to occur and may not occur. Therefore, you should not rely on any of these forward-looking statements. Actual results may differ materially from those contained in or implied by our forward-looking statements as a result of various factors such as economic conditions, significant product and service competition and other factors described in Item 1A "Risk Factors" in our most recent Form 10-K. Forward-looking statements can be identified by words such as: "anticipate," "will," "believe," "plan," "should," "continue," and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding expected operation results such as revenue growth and earnings, strategies for business development and customer base growth.
Any forward-looking statement made in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Tecogen Media & Investor Relations Contact Information:
John N. Hatsopoulos
P: (781) 622-1120
P: (781) 466-6413
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