Welcome to our dedicated page for Tecogen news (Ticker: TGEN), a resource for investors and traders seeking the latest updates and insights on Tecogen stock.
Tecogen Inc. reports developments tied to its clean energy products business, including natural-gas-fueled combined heat and power systems, cogeneration equipment, chillers and related service operations. Company updates commonly address quarterly and annual results, segment revenue trends across Products, Services and Energy Production, and operations and maintenance activity under service contracts.
Recurring announcements also cover natural gas and hybrid chiller applications, data center cooling communications, research and development spending, manufacturing capacity, financing considerations, risk factors, and governance changes such as finance leadership appointments.
Tecogen (OTCQX: TGEN) will announce its Q2 2021 financial results on August 12, 2021. The earnings press release and conference call information will be available on the company’s website. The management team will hold a conference call at 11:00 AM ET to discuss the results, which can be accessed via phone or a live webcast. Tecogen specializes in high-efficiency cogeneration products that significantly reduce carbon footprints. The company boasts over 35 years in business and has shipped more than 3,000 units across the U.S.
Tecogen (OTCQX: TGEN) announced an order for two 300-ton Tecochill chillers for a cannabis cultivation facility in Massachusetts, increasing the total installed capacity to 10,850 tons. The chillers will be serviced from Tecogen’s Waltham headquarters. The CEO stated that these units will achieve over 99% uptime, enhancing operational efficiency and service revenues when utilized. Tecogen's long history in the Controlled Environment Agriculture market highlights the reliability and performance of their products, crucial for maintaining optimal growth conditions in indoor cultivation.
Tecogen (OTCQX: TGEN) has filed a provisional patent for its innovative "High Efficiency Hybrid Engine-Driven Variable Frequency Drive". This system integrates multiple power sources, enhancing efficiency for applications like chiller plants. It targets the expansive air-cooled chiller market and aims to provide energy savings while supporting grid stability. The hybrid drive allows for renewable energy usage during outages, promoting cost-effective and eco-friendly operations as the industry shifts towards greener energy solutions.
Tecogen Inc. (OTCQX: TGEN) has appointed Dr. Abinand Rangesh as its new Chief Financial Officer, effective immediately. Dr. Rangesh, who has been with the company since 2016, previously served as Vice President and Director of Corporate Strategy. His background includes experience in startups within the green energy and software sectors. Dr. Rangesh holds a Ph.D. and undergraduate degrees in engineering from the University of Cambridge. The CEO commended his insights and communication skills, emphasizing his potential impact on the company’s strategy and investor relations.
Tecogen (TGEN) announced new manufacturers’ representative agreements with I-REFCO and RESCO to boost the sales of its Tecofrost refrigeration systems across several US states and Canadian provinces. I-REFCO will have exclusive sales rights in parts of the western US and Canada, while RESCO will operate in California, Nevada, Arizona, and Hawaii. These partnerships aim to address rising electric rates and enhance operational efficiency for industrial refrigeration customers, potentially leading to substantial cost savings and reduced greenhouse gas emissions.
Tecogen Inc. (TGEN) announced the sale of two InVerde e+ cogeneration systems to a residential building in Brooklyn, NY, providing 250 kW of onsite power. The systems will significantly reduce GHG emissions by 100 to 170 metric tons of CO2 annually, aiding compliance with New York Local Law 97. Tecogen's compact systems are ideal for space-limited areas, enhancing operational efficiency and encouraging repeat business with engineering partners. The company has over 35 years in the industry, having shipped more than 3,000 units with over 5 million aggregate run hours.
Tecogen Inc. (OTCQX: TGEN) announced a letter to shareholders on May 13, 2021, outlining its growth strategies aimed at achieving profitable operations this year. Key initiatives include enhancing the network of manufacturers' representatives, launching maintenance services for cogeneration units in Ontario, expanding the market for Tecofrost® refrigeration products, introducing Tecopack™ cogeneration systems, developing Tecochill® chillers, and advancing Ultera® emissions reduction technology. Investors are encouraged to review the detailed letter on Tecogen's website.
Tecogen (TGEN) reported a net income of $1.8 million for Q1 2021, a significant turnaround from a net loss of $1.2 million in 2020, largely due to the forgiveness of a Paycheck Protection Program loan.
Revenues declined by 23.9% year-over-year to $6.1 million, attributed to decreased product sales and service revenues. Despite this, gross profits improved, reaching $3.0 million and a 48.7% margin. Operating expenses decreased by 21% to $3.1 million. Adjusted EBITDA stood at $20,000, contrasting with a negative $817,000 in Q1 2020. The company anticipates a rebound in revenues as COVID-19 restrictions ease.
Tecogen Inc. (OTCQX: TGEN) announced the sale of a 200-ton Tecochill® chiller to a hospital in central Connecticut, expected to be operational for the 2021 cooling season. The installation aims to provide significant utility cost savings. Tecogen will offer long-term maintenance services for the chiller, facilitated by Clover Corporation, a long-time representative in Connecticut. CEO Benjamin Locke highlighted plans to expand the network of manufacturers' representatives across North America to leverage opportunities in gas cooling amidst rising electric costs.
Tecogen Inc. (OCTQX: TGEN) is set to release its financial results for Q1 2021 on May 13, 2021. A conference call featuring senior management will also be held at 11:00 AM ET to discuss the financial performance. The relevant materials will be available on their website in the Investor Relations section. Tecogen, known for its high-efficiency, environmentally friendly cogeneration products, has been operating for over 35 years and has shipped more than 3,000 units across the U.S.