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) reported a net income of $1.5 million for Q3 2021, an improvement of $1.7 million from a net loss in 2020. Year-to-date net income reached $3.6 million, up by $5.7 million compared to a loss in the same period last year. Revenue for Q3 was $5.0 million, down 30.3% from 2020, attributed to lower product sales and installation activity. Despite a gross margin increase to 46.7%, operating expenses rose by 8.6%. A sales backlog of $11.4 million signals potential recovery in product sales as supply chain issues ease.
Tecogen (TGEN), a leader in clean energy solutions, announced an order for twelve InVerde e+® cogeneration units and three Tecochill® chillers for a controlled environment agriculture facility. This order will minimize electrical capacity needs by approximately 2.5 MW, enhancing the company's market position in CEA applications. Tecogen's technology not only supports operational cost savings but also contributes to greenhouse gas reductions. CEO Benjamin Locke noted the global CEA market is projected to reach $172 billion in five years, highlighting significant growth potential for Tecogen’s microgrid solutions.
Tecogen Inc. (TGEN) is set to release its third-quarter financial results on November 11, 2021. The earnings press release and supplemental materials will be accessible on their website. Senior management will hold a conference call at 11:00 AM ET the same day to discuss the financial performance. Interested participants can join via telephone or webcast, with playback options available post-call. Tecogen, with over 35 years in the business, focuses on high-efficiency cogeneration products, aiming to reduce carbon footprints for various applications.
Tecogen (OTCQX: TGEN), a clean energy firm, will present at the 2021 LD MicroCap Investor Conference in Los Angeles on October 12, 2021, at 12:00 PM PT. CEO Benjamin Locke will host both in-person and virtual sessions, discussing the Company's innovative energy solutions aimed at reducing costs, greenhouse gas emissions, and alleviating power grid congestion. This marks the first in-person LD Micro event in nearly two years, highlighting the increasing focus on clean energy technologies. Conference registration is available online.
Tecogen (OTCQX: TGEN) has announced an order for three 400-ton Tecochill chillers for a cannabis cultivation facility in Massachusetts. This marks the 23rd facility to adopt Tecochill, which helps eliminate the need for about 750 kW of electric capacity compared to electric chillers. With the growing demand for cooling solutions, Tecogen's products allow cannabis growers to focus electrical resources on other essential operations, avoiding costly upgrades. Over 7.5 megawatts of clean cooling have been sold to similar facilities, promoting economic and environmentally friendly practices.
Tecogen Inc. (OTCQX: TGEN), a leader in clean energy solutions, will present at the H.C. Wainwright 23rd Annual Global Investment Conference from September 13-15, 2021. CEO Benjamin Locke and CFO Abinand Rangesh will lead the presentation, available from 7:00 AM ET on September 13. Registered investors can also engage in one-on-one meetings with the management team. With over 35 years in business, Tecogen specializes in high-efficiency cogeneration products, aiming to significantly reduce carbon footprints and criteria pollutants.
Tecogen Inc. (OTCQX:TGEN) announced the sale of a 200-ton Tecochill chiller to an assisted living facility in southwestern Connecticut, aimed at providing seasonal cooling and utilizing waste heat for hot water. This system enhances energy efficiency, reduces reliance on backup generators during grid outages, and lowers operational costs amidst rising electric rates. Maintenance services will be provided by Tecogen. The move highlights the growing demand for energy-efficient solutions in critical care facilities.
Tecogen Inc. (OTCQX:TGEN) reported a net income of $0.4 million for Q2 2021, marking a significant turnaround from a net loss of $0.7 million in Q2 2020. For H1 2021, net income reached $2.2 million, a $4.1 million improvement year-over-year. Revenue for Q2 2021 was $6.1 million, down 17.3% from Q2 2020, driven by a 35.4% decline in product sales. Gross margin increased to 47.5% for H1 2021. Operating expenses were reduced by 7% in Q2. The company also benefitted from CARES Act payroll support and reported an increased backlog of $10.4 million.
Tecogen (OTCQX: TGEN) has announced an order for two InVerde e+ cogeneration systems for a large residential building in Manhattan. This energy-efficient system will provide power year-round, significantly reducing the building's carbon footprint. With New York City's high electric rates, Tecogen aims to deliver substantial cost savings and compliance with GHG reduction goals. The InVerde units will also ensure power supply during outages, addressing resilience concerns. Tecogen has supplied over 3,000 units, achieving over 5 million operating hours.
Tecogen Inc. (OTCQX: TGEN) announced an order for four Tecochill systems, totaling 900 tons, to replace an outdated chiller plant at a New York City hospital. This upgrade enhances the hospital's heating, cooling, and emissions controls, aimed for operational status by summer 2022. The company has been providing reliable energy savings for over 20 years. The new system will help the facility achieve its Environmental, Social, and Governance (ESG) goals while significantly reducing energy costs and greenhouse gas emissions.