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SOURCE Tecogen Inc.
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.
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
Tecogen Investor Contact Information:
John N. Hatsopoulos
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