WALTHAM, Mass., Dec. 30, 2015 /PRNewswire/ -- Tecogen® Inc.
(NASDAQ: TGEN), a manufacturer and installer of 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, is
pleased to announce the formation of a joint venture ("JV") company
with a group of Strategic Investors for its patented Ultera™
emissions control technology. Ultra Emissions Technologies Ltd.
("Ultratek") was created to advance Tecogen's near-zero emissions
technology for adaptation to transportation applications powered by
spark-ignited engines (including gasoline, natural gas, and propane
fueled vehicles) in the automobile and truck categories. Tecogen
has granted Ultratek an exclusive license for development of its
patented, emissions-related, intellectual property for the vehicle
market while the Strategic Investors have collectively contributed
$3 million to finance the initial
operations of the joint venture. Tecogen retains the rights to its
Ultera emissions control technology for all other applications.
Robert Panora, Tecogen's
President, Chief Operating Officer, and one of the inventors of the
Ultera technology will serve as JV co-Chief Executive Officer
alongside Dr. Elias Samaras. Dr.
Samaras is the founder, President and Managing Director of Digital
Security Technologies S.A. and the Chief Executive Officer of
EuroSite Power Inc. In addition to serving as co-CEO of Ultratek,
Dr. Samaras has also been named Chairman of the Board of Directors.
The 50/50 joint venture company is incorporated in the Island
of Jersey, Channel Islands.
"Our emissions technology systems have been installed and
successfully operating for both natural gas and biogas-fueled
stationary engine applications for several years now," said Mr.
Panora. "The Emissions Advisory Committee (the formation of which
was previously announced in October) believes the system may be
successfully applied to automotive engines and we are excited to
move forward with our new Strategic Partners to pursue the vast
potential vehicle market opportunity."
Speaking on behalf of Ultratek and its partners, Dr. Samaras
added, "We are incredibly enthusiastic about the potential for this
technology to revolutionize the automotive market. With stricter
emissions regulations taking effect in the next few years, I
believe we are at the forefront of the evolving emissions control
space."
The patented ultra-clean emissions control technology has been
rigorously tested by independent labs and shown to consistently
reduce the emission of criteria pollutants contributing to smog (CO
and NOx) to near zero levels for natural gas engines. Tecogen's
emissions technology, developed with funding from the California
Energy Commission and Southern California Gas Company, has been
independently verified by New
Jersey's Department of Environmental Protection and by AVL
California Technology Center. Emissions measurements from
stationary systems equipped with the ultra-low emissions technology
conform to the current California Air Resource Board (CARB) 2007
carbon monoxide (CO) and nitrogen oxide (NOx) standards for
distributed power generation. Engines retrofitted with Tecogen's
Ultera technology measure at or below current natural gas powered
fuel cell emissions levels (according to publicly available data).
Because of the Company's strong belief in the value of its
emissions technology, patent infringement insurance has been
secured by Lloyds of London to defend unlicensed use of Tecogen's
intellectual property.
In addition to the joint venture agreement financing, the
Strategic Investors have collectively purchased 890,208 shares in
Tecogen at a trailing 30 day average price of $3.37, bringing their total initial investment to
$6 million.
Tecogen and its joint venture partners will host a conference
call on Tuesday January 5, 2016 at
11:00 AM EST to discuss the
transaction. In addition to a discussion of the JV details,
members of senior management will discuss the progress of the
Emissions Advisory Committee and other initiatives related to
bringing the groundbreaking patented Ultera™ emissions control
technology to the automotive space.
The conference call will be available live via telephone and
webcast. To listen to the audio portion, dial (888)
349-0103 within the U.S., (855) 669-9657 from Canada,
or (412) 902-0129 from other international locations.
Participants should ask to be joined to the Tecogen Inc. Emissions
JV call. Please begin dialing at least 10 minutes before the
scheduled starting time. Alternately, to register for and
listen to the webcast, go to http://investors.tecogen.com/webcast.
Supplemental conference call slides will be available on the
Company website at http://investors.tecogen.com in the
"Webcasts" portion of the Investor Relations section.
The emissions update conference call will be recorded and
available for playback one hour after the end of the call
through Tuesday, January 12th. To listen to the
playback, dial (877) 344 7529 within the U.S., (855)
669-9658 from Canada, or (412) 317-0088 outside
the U.S. and use Conference Number 10078325.
Following the call, the webcast will be archived for 30 days.
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
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 20 years, Tecogen has shipped more than
2,300 units, supported by an established network of engineering,
sales, and service personnel across the
United States. For more information, please visit
www.tecogen.com.
Forward Looking Statements
This press release contains
forward-looking statements under the Private Securities Litigation
Reform Act of 1995 that involve a number of risks and
uncertainties. Important factors could cause actual results to
differ materially from those indicated by such forward-looking
statements, as disclosed on the Company's website and in Securities
and Exchange Commission filings. The statements in this press
release are made as of the date of this press release, even if
subsequently made available by the Company on its website or
otherwise. The Company does not assume any obligation to update the
forward-looking statements provided to reflect events that occur or
circumstances that exist after the date on which they were
made.
Tecogen Investor Relations & Media Contact
Information:
Ariel F. Babcock, CFA
P: (781) 466-6413
E: Ariel.Babcock@tecogen.com
John N. Hatsopoulos
P: (781) 622-1120
E: John.Hatsopoulos@tecogen.com
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SOURCE Tecogen Inc.