SOURCE: Tecogen, Inc.

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January 23, 2018 08:00 ET

Tecogen Wins 800 kW of Cogeneration Sales to Six NYC Apartments in Under 45 Days

WALTHAM, MA--(Marketwired - January 23, 2018) - Tecogen® Inc. (NASDAQ: TGEN), a clean energy company providing ultra-efficient, clean, natural gas powered on-site power, heating and cooling equipment, is pleased to announce that within the last 45 days it has entered into contracts to sell InVerde e+ cogeneration units to six apartment buildings in Manhattan, NY. The units will have a total capacity of 800 kW and will generate revenue totaling $4.1 million, which includes the cost of installation and all related accessories. The bulk of the revenue will be recognized across the first half of 2018. Each deal comes with a long-term service contract, which is billed separately and not included in this number, and all but one includes turnkey installation.

"As our robust flow of contract wins suggest, we are a dominant player in New York City's multi-unit residential cogeneration market," stated Co-CEO Benjamin Locke. "In fact, we believe that we are the leader in our segment of the market nationwide. As interest in cogeneration among owners and residents of multi-unit housing gains traction, we are at the top of the list of preferred vendors."

Joseph E. Gehret, Tecogen's Director of Field Operations, said, "It's not just InVerde's unique features that make us the go-to CHP provider, it's our ability to execute on getting the units up and running with our turnkey installation expertise. Getting the installation done properly is critical to ensuring that the buyer is able to generate the energy and cost savings that our engineering team considers achievable."

Tecogen's Director of Project Development, Abinand Rangesh said, "These wins result from our strong and growing relationships with independent engineering companies and consultants. Their appreciation of our unique value proposition and our ability to actually deliver on what we say we will do has enabled us to increasingly leverage these important relationships. We create value from start to finish; that means product delivery, installation, operation, and service. It's what drove the orders here."

About Tecogen
Tecogen® Inc. designs, manufactures, sells, installs, and maintains high efficiency, ultra-clean, cogeneration products including natural gas engine-driven combined heat and power, air conditioning systems, and high-efficiency water heaters for residential, commercial, recreational and industrial use. The company is known for cost efficient, environmentally friendly and reliable products for energy production that, through patented technology, nearly eliminate criteria pollutants and significantly reduce a customer's carbon footprint.

In business for over 30 years, Tecogen has shipped more than 2,500 units, supported by an established network of engineering, sales, and service personnel across the United States. For more information, please visit www.tecogen.com or contact us for a free Site Assessment.

Tecogen, InVerde, Ilios, Tecochill, Ultera, and e+, are registered trademarks or trademark pending registration of Tecogen Inc.

Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our present intent, beliefs or expectations, and are not guaranteed to occur and may not occur. Therefore, you should not rely on any of these forward-looking statements. Actual results may differ materially from those contained in or implied by our forward-looking statements as a result of various factors such as economic conditions, significant product and service competition and other factors described in Item 1A "Risk Factors" in our most recent Form 10-K. Forward-looking statements can be identified by words such as: "anticipate," "will," "believe," "plan," "should," "continue," and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding expected operation results such as revenue growth and earnings, strategies for business development and customer base growth.

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