Tecogen Stock Price, News & Analysis

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.

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.