Tecogen to Establish New Business Unit Focused on Indoor Agriculture
20 Julho 2022 - 10:30AM
via NewMediaWire – Tecogen Inc. (OTCQX: TGEN), a clean energy
company providing ultra-efficient and clean on-site power, heating
and cooling equipment, is establishing a new business unit of the
company focused on Controlled Environment Agriculture (“CEA”).
CEA is becoming a key market segment for the company.
Traditionally, United States’ fruits and vegetables are grown
outdoors and transported long distances to end consumers. CEA
offers significant advantages such as locally grown products, fresh
tasting produce, 90% less water use, low transportation costs and
zero pesticide use. Climate change, uncertain supply chains, and
the drive for locally grown produce are factors cited by market
studies projecting that the CEA market will exceed $170 billion
globally by 20251.
Food crop CEA is a natural progression for Tecogen from sales of
equipment to cannabis CEA facilities. Tecogen’s solutions are
uniquely positioned to allow facility owners to reduce operating
costs and increase crop yield. Utility expenses in CEA facilities
are typically between 10% and 25% of revenue. Tecogen’s chiller and
cogeneration solutions can significantly reduce this energy expense
while simultaneously reducing the facility’s greenhouse gas
footprint. Tecogen’s technology can also supply CO2 to boost plant
growth rate by more than 150%, increasing the number of crop cycles
in a year. More information about the benefits of our solutions in
the CEA market can be found in our 2022 Investor
Presentation on our company website.
1Global Controlled Environment Agriculture Market (CEA) Expected
To Reach $172 Billion In 2025(prnewswire.com)
About Tecogen
Tecogen Inc. designs, manufactures, sells, installs and
maintains high efficiency, ultra-clean, cogeneration products
including combined heat and power, air conditioning systems and
high-efficiency water heaters for residential, commercial,
recreational and industrial use. The company provides cost
efficient, environmentally friendly and reliable products for
energy production that nearly eliminate criteria pollutants and
significantly reduce a customer’s carbon footprint.
In business for over 35 years, Tecogen has shipped more than
3,000 units, supported by an established network of engineering,
sales and service personnel throughout North America. Tecogen’s run
hours on its InVerde cogeneration systems exceeds 5 million run
hours. For more information, please visit www.tecogen.com
or contact us for a free Site Assessment.
Tecogen, InVerde e+, Ilios, Tecochill, Tecofrost, Tecopack,
Tecopower, and Ultera are registered trademarks of Tecogen Inc.
Forward Looking Statements
This press release contains “forward-looking statements” which
may describe strategies, goals, outlooks or other non-historical
matters, or projected revenues, income, returns or other financial
measures, that may include words such as "believe," "expect,"
"anticipate," "intend," "plan," "estimate," "likely" or "may" and
similar expressions intended to identify forward-looking
statements. These statements are only predictions and involve known
and unknown risks, uncertainties and other factors that may cause
our actual results to differ materially from those expressed or
implied by such forward-looking statements. Forward-looking
statements speak only as of the date on which they are made, and we
undertake no obligation to update or revise any forward-looking
statements.
There can be no assurance that Tecogen will expand its
activities in the CEA market as described in this press release or
that if the company does so that it will be successful in
developing a CEA business unit or generating significant additional
revenue from the CEA market. In addition to the Risk Factors
described in our Annual Report on Form 10-K and our Quarterly
Reports on Form 10-Q under “Risk Factors,” factors that could cause
our actual results to differ materially from past and projected
future results include the impact of the coronavirus pandemic on
demand for our products and services, the availability of
incentives, rebates and tax benefits relating to our products,
changes in the regulatory environment relating to our products,
competing technological developments, and the availability of
financing to fund our operations and growth.
Tecogen Media & Investor Relations Contact
Information:
Benjamin Locke, CEOP: (781) 466-6402E:
Benjamin.Locke@Tecogen.com
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