Tecogen - TGEN STOCK NEWS

Tecogen (OTCQX: TGEN) has announced the appointment of Dr. John M. Albertine to its Board of Directors. Dr. Albertine brings extensive experience from his service on various public boards, including Fruit of the Loom and Thermo Electron Corporation. He is currently the CEO of Albertine Enterprises and a Managing Partner at JJ&B. Tecogen's CEO, Benjamin Locke, expressed optimism about Dr. Albertine's contributions to the company’s growth and governance, particularly in the audit committee.

Tecogen (TGEN), a clean energy company, will exhibit at MJBizCon in Las Vegas from November 16-18, 2022. The event, attended by over 35,000 industry professionals, will focus on how Tecogen's ultra-efficient equipment can save costs and reduce greenhouse gas emissions for controlled environment agriculture (CEA) facilities. With states like Maryland and Missouri legalizing recreational cannabis, Tecogen anticipates increased demand for its products. This marks their fifth participation in MJBizCon, which has historically generated significant project opportunities.

Tecogen (OTCQX:TGEN) reported revenue of $6.6 million for Q3 2022, a 31.9% increase QoQ, with year-to-date revenue of $20.5 million, up 18.9% YoY. However, the company experienced a net loss of $0.3 million this quarter, contrasting with a net profit of $1.5 million in Q3 2021. Key factors behind the losses include the impact of forgivable loans recognized in the previous year. Product revenue rose 71.4% due to increased sales in key sectors, while services revenue increased by 8.8%. Despite growth in revenue, gross margin declined due to higher material costs.

Tecogen (TGEN) announced a collaboration with GTI Energy to test its Hybrid Drive technology, funded by Utilization Technology Development. This initiative aims to validate performance metrics for the Hybrid Drive AC chiller prototype, scheduled for completion by the latter half of 2023. Tecogen's innovation is anticipated to enhance energy source flexibility and efficiency for commercial cooling systems, enabling power transitions between gas-fueled engines and the electric grid. The project aims to meet industry goals of reducing greenhouse gas emissions and operational costs.

Tecogen Inc. (TGEN) will release its Q3 2022 financial results on November 10, 2022. The earnings report and supplementary slides will be available on their website. Senior management will host a conference call at 11:00 AM ET to discuss the financial performance, accessible via telephone and webcast. Tecogen specializes in clean energy solutions, including highly efficient cogeneration systems, aiming to reduce carbon footprints. In 35 years, they have shipped over 3,000 units with over 5 million hours of operational experience.

Tecogen Inc. (OTCQX: TGEN) has announced a follow-on order of two additional Tecochill systems for elementary schools in Connecticut. This order adds to three previously ordered systems, totaling seven units with a capacity of 1,850 tons. The funding is sourced from the American Rescue Plan for HVAC improvements, which will result in yearly greenhouse gas savings of 1,700 tons. Tecogen's CEO, Benjamin Locke, states that their equipment reduces energy costs and carbon emissions amid rising electric rates.

Tecogen Inc. (TGEN), a clean energy firm, announced an order for two 125 kW InVerde cogeneration systems for a Connecticut high school, aimed at reducing electricity costs and utilizing waste heat for heating needs. Connecticut's high electricity rates and anticipated increases make this technology beneficial. The systems qualify for a tax credit of up to 40% under the recently expanded Investment Tax Credit from the Inflation Reduction Act. CEO Benjamin Locke emphasized the combined benefits of cost savings and greenhouse gas reductions as compelling reasons for schools to adopt such energy-efficient systems.

Tecogen (TGEN) has announced an order for five Tecopower cogeneration units from a multi-billion dollar Energy Services Company. The units will be installed near Tecogen’s factory service centers, ensuring long-term service. Tecogen’s CEO highlighted this partnership as a vital step amid rising energy prices and supportive legislation from the Inflation Reduction Act, enhancing both economic and sustainability aspects. Tecogen boasts over 35 years in business with over 3,000 units shipped and 5 million aggregate run hours on their systems.

Tecogen Inc. (OTCQX: TGEN) has confirmed that the expanded tax credits under the Inflation Reduction Act of 2022 will benefit its combined heat and power (CHP) systems. These tax credits can reach up to 30% for projects starting construction before January 1, 2025, with additional incentives for meeting key requirements. The new direct pay option for tax-exempt entities, including schools and healthcare facilities, is expected to increase market interest in CHP systems. Tecogen’s products, including air-conditioning and refrigeration models, qualify for these credits, potentially enhancing demand.