WALTHAM, Mass., May 19, 2016 /PRNewswire/ -- Tecogen®
Inc. (NASDAQ: TGEN; the "Company"), a next-generation
manufacturer of natural gas-fueled, engine-driven, combined heat
and power (CHP) products, has formed a 50/50 joint venture
corporation, TTcogen LLC, with Tedom a.s., one of Europe's largest combined heat and power (CHP)
manufacturers. TTcogen will offer a complete package of 27 CHP
modules that are fully capable of running on a variety of fuel
feedstocks, including renewable natural gas (biofuel). Ranging in
size from 35 kW up to 4 MW, the full product portfolio will
quadruple Tecogen's addressable market for CHP.
![Tecogen Inc. logo. (PRNewsFoto/Tecogen Inc.) Tecogen Inc. logo. (PRNewsFoto/Tecogen Inc.)](https://photos.prnewswire.com/prnvar/20130409/NE91281LOGO)
Headquartered in the Czech
Republic, Tedom has spent 25 years pioneering the
manufacture of equipment designed for the effective and
environmentally friendly utilization of energy fuel resources.
Similar to Tecogen's long history of cogeneration innovation and
expertise, Tedom has refined the packaged CHP concept in
Europe with a product portfolio
that stretches across size range and fuel category.
"Tedom has been trying to identify a strong partner in
the United States and when we met
with the leadership at Tecogen, we knew that our organizations
would align well," said Josef Jeleček, Tedom General Director.
"Tecogen's proven track record in the U.S. market, long term
experience with cogeneration, along with its strong service
offering and sales network made it a logical choice," added Mr.
Jeleček.
John Hatsopoulos, Tecogen
director and Co-Chief Executive Officer, noted, "This joint venture
is a significant milestone for Tecogen and the result of months of
tireless management effort. I am thrilled we have found such
excellent partners in Tedom and look forward to working together to
build a long and profitable partnership collaboration."
The newly formed Delaware
registered limited liability company will utilize Tecogen's sales
and service network to bring Tedom's efficient cogeneration
equipment to the United States
market. Offering complimentary CHP technologies, the combined
product portfolio of the two companies will better position the
joint venture corporation to address a wide array of customer needs
and significantly expand the opportunity for CHP in the United States. TTcogen will operate out of
Tecogen's Waltham, MA headquarters
and initially employ several sales and engineering specialists,
with further personnel expected to be added as the business
expands. In addition to equipment sales and servicing agreements,
the joint venture partners will also look to collaborate on
manufacturing, engine technology, development of new products, and
improvement of existing products.
Speaking about the joint venture, Tecogen Co-Chief Executive
Officer Benjamin Locke added,
"TTcogen really will be the thought leader in the North American
CHP space. Backed by the oldest and most established names in the
packaged cogeneration industry from both Tedom in Europe and Tecogen in the United States, the new company will be
well positioned to deliver a full suite of clean power solutions,
vastly expanding the potential market for our technology."
In 2012, the White House issued an executive order committing to
add 40 GW in new cogeneration capacity in the United States by 2020. This joint venture
creates a strong product offering in the North American CHP space
that will provide a complete range of efficient and cost effective
clean energy solutions to meet the demands of customers in almost
every category. Most notably, Tedom's specialized line of
cogeneration equipment has the power to operate on biofuel, a
renewable energy source with a rapidly growing market. In addition
to biofuel capabilities, the joint venture will also bring Tedom's
smaller Micro T35 35kW combined heat and power (CHP) unit to the
U.S. market as well as Tedom's line of larger Cento and Quanto
units. This will greatly expand Tecogen's market reach, which is
currently limited to pipeline natural gas and propane and to
installations in multiples of its 75 kW and 100 kW CHP modules.
The joint venture partners will host a conference call to
discuss the deal and the business plan on Tuesday, May 24, 2016 at 11:30 a.m. eastern time. To listen to the call
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 TTcogen Joint Venture call. Please begin
dialing at least 10 minutes before the scheduled starting time. The
conference call will be recorded and available for playback one
hour after the end of the call. The earnings conference call
will also be webcast live. To register for and listen to the
webcast, go to http://investors.tecogen.com/webcast.
Following the call, the webcast will be archived for 30 days.
Conference call will be recorded and available for playback one
hour after the end of the call through Tuesday, May 31, 2016. 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 Replay Access Code 10086714. Following the
call, the webcast will be archived for 30 days.
About Tedom a.s.
TEDOM is one of the major European producers of CHP units with
combustion engines. To date TEDOM has produced more than 3,500 CHP
units in a power range from 7 kilowatts up to 10 megawatts. TEDOM
sells its products successfully in tens of countries worldwide and
this year is celebrating 25 years of existence.
The TEDOM CHP units are offered in the versions fueling natural
gas, LPG, biogas, sewage gas, landfill gas, and coal mine gas.
Customers can opt for the version with sound enclosure, in a
container or for an open module. The CHP units having a power of 80
– 200 kW are fitted with their own TEDOM gas engines, the rest of
the TEDOM CHP units are fitted with engines made by other global
manufacturers. Please visit http://cogeneration.tedom.com/ for more
information.
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.
Tecogen, InVerde, Ilios, Tecochill, Ultera, e+, and
TTcogen are registered trademarks or trademark pending registration
of Tecogen Inc.
Forward Looking Statements
This press release may contain 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 Media
& Investor Relations Contact Information:
|
|
Ariel F. Babcock, CFA
|
John N.
Hatsopoulos
|
P: (781) 466-6413
|
P: (781)
622-1120
|
E:
Ariel.Babcock@tecogen.com
|
E:
John.Hatsopoulos@tecogen.com
|
Logo -
http://photos.prnewswire.com/prnh/20130409/NE91281LOGO
Logo - http://photos.prnewswire.com/prnh/20160519/369786
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/tecogen-announces-the-formation-of-joint-venture-company-with-tedom-as-300271713.html
SOURCE Tecogen Inc.