WALTHAM, Mass., July 1, 2014 /PRNewswire/ -- Tecogen Inc.
(NASDAQ: TGEN) today announced the sale of three combined heat and
power (CHP) systems to a boutique hotel group in New York City. The contract, valued at
$1.76 million, will include both the
prepackaged CHP units as well as the turnkey installation. The
systems will utilize Tecogen's premium 100 kilowatt CHP module, the
InVerde 100, and will substantially reduce each hotel's energy
costs and provide electricity during power failures.
The CHP units will operate in tandem with the Consolidated
Edison grid, offsetting 100 kilowatts of utility energy for each
InVerde module, while simultaneously supplying about twice that
value of hot water for hotel operations requiring thermal energy. A
unique benefit of the Tecogen's InVerde module is that the lights
will stay on if the power goes out. Hotel managers will be able to
maintain power to important systems such as elevators, lighting,
and other services because Tecogen's InVerde units take over when
grid power is lost.
"We're excited about the hotel market in Manhattan," said Robert Panora, Tecogen's President and COO.
"Electricity rates in New York
City are the highest in the country. Tecogen's CHP
systems are the best choice for properties that need relief from
high electric bills and resiliency against grid blackouts.
Hotels and other businesses in New York
City have to consider how vulnerable they will be if a large
scale grid outage occurs or another disaster hits like Hurricane
Sandy. Small, high-end hotels don't want to get caught without any
amenities in a situation like that."
For the hotel application in New
York, each InVerde module is estimated to save annually
$69,000 to $89,000. When
combined with New York State CHP
incentive funds, payback for the hotel group for the three projects
will be in the 2-3 year time-frame.
Each InVerde module will be equipped with Tecogen's patented
emission system, Ultra, reducing the emissions of criteria
pollutants (those contributing to smog) to levels commensurate with
fuel cells and far lower than the existing boilers, whose operation
will be supplanted by the CHP systems.
This New York City hotel
project will qualify for upwards of $1800 per kW of incentives from the CHP
Acceleration Program administered by NYSERDA (New York State Energy Research and Development
Authority). Tecogen's products are the only engine-driven CHP
systems to earn pre-qualified status by NYSERDA for this program.
The project is fast-tracked for funding because the technology has
already demonstrated real-world performance.
About Tecogen
Tecogen manufactures, installs, and maintains high efficiency,
ultra-clean combined heat and power products including natural gas
engine-driven cogeneration, air conditioning systems, and
high-efficiency water heaters for industrial and commercial use.
Tecogen has shipped more than 2,000 units, supported by an
established network of engineering, sales, and service personnel
across the United States. For more
information, please visit www.tecogen.com.
Tecogen Media Contact Information:
Robert A. Panora
President & COO
P: 781-466-6401
E: robert.panora@tecogen.com
Tecogen Investor Contact Information:
John N. Hatsopoulos
P: 781-622-1120
E: jhatsopoulos@tecogen.com
Logo -
http://photos.prnewswire.com/prnh/20130409/NE91281LOGO
SOURCE Tecogen Inc.