Ilios Dynamics, a Majority Owned Subsidiary of Tecogen, Sells Units in Ireland and Signs an Exclusive Distribution Agreement with GF Sustainable
WALTHAM, Mass., June 10, 2014 /PRNewswire/ -- Ilios Dynamics, a majority owned subsidiary of Tecogen (NASDAQ:TGEN), today announced that it has signed an exclusive distribution agreement with GF Sustainable, an energy services firm based out of Cork, Ireland.
GF Sustainable will have exclusive distribution rights for the Republic of Ireland and United Kingdom. With the signing of this agreement, GF Sustainable purchased an additional two Ilios high efficiency water heaters.
"With its exceptional efficiency, the Ilios High Efficiency Water Heater provides significant savings to our clients," said Pearse Geaney, Managing Director. "At current gas rates, we believe that the Ilios units will achieve a payback in as little as two years. Ilios is head and shoulders above its competition and will form part of the solution to help Government achieve its 33% energy efficiency target in public buildings."
Sites with Ilios units include one unit at an athletic facility in Albany, NY, three in an agricultural application in the Midwestern United States, one at a luxury condo in Miami, FL, and two in Ireland, one at a school and another at a hospital. These units have cumulatively logged over 25,000 hours and saved an estimated $125,000.
The Ilios High Efficiency Water Heater, available for both natural gas and propane, is an excellent alternative to conventional water heating systems. It is ideal for locations with such as food processing plants, swimming pools, hotels, schools, colleges, hospitals, offices & apartment buildings.
Ilios Dynamics, a subsidiary of Tecogen Inc., was formed in April 2009 to develop and distribute a line of ultra high-efficiency heating products for commercial and industrial applications utilizing advanced thermodynamic principles. Products incorporate mechanical work to extract heat from the environment to supplement chemical energy available from natural gas. The result is a significant boost in efficiency and reduced carbon emissions relative to conventional heating systems. For more information please visit www.iliosdynamics.com.
About GF Sustainable
GF Sustainable is an energy services business providing turnkey and bespoke energy services solutions tailored to meet the individual needs of clients. Its founders bring together nearly 100 years of experience in the energy services industry. Its focus is on delivering cost-effective solutions that deliver cost, energy and CO2 savings for its clients. For more information, please visit www.gfsustainable.com.
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.
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 Media Contact Information:
Melinda M. Furse
Tecogen Investor Contact Information:
John N. Hatsopoulos
SOURCE Ilios Dynamics