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) announced the sale of two 75 kW cogeneration systems for an extended care facility in Queens, New York. These units will help reduce electricity costs and utilize waste heat for domestic hot water. The installation will be handled by an experienced contractor, ensuring efficient deployment. Key executives highlighted that such facilities are ideal for cogeneration due to their constant hot water needs. With rising electric rates in New York, the investment is expected to secure long-term savings for the facility owner.
Tecogen (OTCQX: TGEN) has announced the sale of an InVerde e+ cogeneration system to a new residential building in Brooklyn, NY, which will supply 125 kW of onsite power. This system's cogenerated heat will provide domestic hot water for residents. The installation aims to help the building achieve its LEED Silver sustainability rating and significantly reduce greenhouse gas emissions by over 170 metric tons per year, thus avoiding fines under New York City’s Local Law 97. The project highlights Tecogen's commitment to economic and environmental benefits.
Tecogen Inc. (OTCQX: TGEN) has launched the Tecopack microgrid system, designed for combined heat and power (CHP) applications. This innovative system offers pre-packaged, drop-in solutions with variable speed operation, Ultera emissions control, and Smart Inverter technology, aimed at improving energy efficiency. The system has been installed in various facilities, including nursing homes and sports complexes. Tecogen emphasizes the system's benefits in reducing energy costs and enhancing resilience against grid disruptions, with immediate availability for purchase or lease.
Tecogen (OTCQX: TGEN) announced the sale of three 400-ton Tecochill chillers to an indoor cannabis cultivation facility in Massachusetts, bringing their total sales to 29 chillers in the state. The chillers provide an integrated modular solution that optimizes grow space and simplifies installation. This development is part of an increasing trend in the cannabis industry, where operators seek to reduce operational costs through efficient gas cooling systems. Tecochill systems offer lower operating costs and enhanced resilience against power outages compared to electric chillers.
Tecogen Inc. (OTCQX:TGEN) reported a 15.5% decline in revenues, totaling $28.3 million for 2020, as the COVID-19 pandemic impacted all segments. Product revenues fell to $10.5 million, and service revenue reached $15.9 million. Despite a decrease in gross profit to $10.8 million, gross margin improved to 38.3%. The company recorded a net loss of $6.2 million, primarily due to one-time impairments. However, cash flows from operations improved to $1.4 million. Tecogen also executed a license agreement for its emissions reduction technology and expanded its patent portfolio.
Tecogen (OTCQX: TGEN) has announced the sale of two InVerde e+ cogeneration systems for a school district in upstate New York. One system will be installed at the middle school and the other at the elementary school, providing electricity and heat at a lower cost than existing utilities. This initiative is part of a broader energy services package provided by an Energy Services Company (ESCO). Tecogen has installed over 300 similar systems in the area, emphasizing energy cost savings and backup power during outages.
Tecogen Inc. (OTCQX: TGEN) announced that Robert Panora, President and COO, will present an update on the Ultera™ near-zero emissions forklift program during a webinar on February 25, 2021, at 2 p.m. EST. The presentation aims to showcase Tecogen’s proprietary catalyst system designed to enhance indoor air quality and facilitate certification to California's Optional Low Emission Standard. Tecogen aspires to become the first certified entity for this standard since its inception.
Tecogen (TGEN) announced that Robert Panora, President and COO, will present on the Ultera™ near-zero emissions forklift program at a webinar on February 25, 2021. The presentation will focus on how Tecogen's catalyst system can help improve indoor air quality and aims for certification under California's near-zero emissions standard. The company, which has over 35 years in the clean energy sector and has shipped more than 3,000 units, emphasizes its commitment to environmentally friendly technology.
Tecogen Inc. (OTCQX: TGEN) will announce its year-end 2020 financial results on March 11, 2021. The earnings press release and supplemental slides will be accessible on its website. A conference call hosted by senior management will occur the same day at 11:00 AM ET, allowing stakeholders to discuss the company’s financial performance. Participants can join via phone or webcast. Tecogen specializes in high-efficiency, ultra-clean cogeneration products, aiming to reduce environmental impact and bolster energy efficiency for various sectors.
Tecogen Inc. (OTCQX: TGEN) announced it has secured a second draw Paycheck Protection Program loan of $1,874,269 under the CARES Act. This 1% interest loan defers payments until June 5, 2022, with monthly repayments commencing on July 5, 2022. The funds will support payroll, rent, and operational expenses, with intentions to apply for loan forgiveness. CEO Benjamin Locke highlighted the importance of this funding for maintaining operations during challenging economic conditions.