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Tecogen Announces Creation of Ultera Technologies, Inc.


December 13, 2017 - Waltham, MA

WALTHAM, MA--(Marketwired - December 13, 2017) - Tecogen® Inc. (NASDAQ: TGEN), a clean energy company providing ultra-efficient, clean, natural gas powered on-site power, heating and cooling equipment, is pleased to announce the formation of Ultera Technologies, Inc., a wholly-owned subsidiary of Tecogen incorporated in Delaware. Its purpose will be to develop and commercialize a prototype of Tecogen's patented Ultera emissions technology for non-stationary vehicle applications, specifically spark-ignited engines powered by gasoline, propane, and natural gas. It will also assume responsibility for the development of the technology for propane-powered fork trucks. The fork truck program, which is already well under way, is sponsored by a grant from the Propane Education and Research Council (PERC).

Leading the company will be Chairwoman Barbara Ann Bernard. Other members of the five-person board are: Dr. Ahmed Ghoniem, PhD: Ronald C Crane Professor of Mechanical Engineering at MIT; John Hatsopoulos: Co-CEO of Tecogen, Inc.; Benjamin Locke: Co-CEO of Tecogen, Inc.; and Robert Panora: President & COO of Tecogen, Inc. Messrs. Ghoniem and Hatsopoulos are also members of Tecogen's Board of Directors. The management team will consist of Benjamin Locke as CEO and Robert Panora as President.

Ms. Bernard, Chairwoman of Ultera Technologies, said, "I am honored to take the wheel because I wholeheartedly believe that, as Tecogen shareholders, our contribution to the world will be dramatically improved air quality; and as a result, substantial shareholder value will be created."

Ms. Bernard explains the need for Ultera's technology has never been greater: "Today, in cities such as New Delhi, the air is poisonous. Pollution is 30 times the levels considered safe by the World Health Organization. Such toxic air is equivalent to smoking more than two packs of cigarettes per day. Delhi is not in denial. Its Chief Minister, Arvind Kejriwal, has exclaimed the city has turned into a 'gas chamber'."

She continued, "In addition to the need having never been greater, Ultera's path towards commercialization has never been clearer. Independent testing of Ultera by AVL proved in a laboratory setting that Ultera nearly eliminates CO, NOx, and non-methane hydrocarbons (NMOG) emissions from automotive gasoline engines. The goal now is to have our technology incorporated into an automobile so that we can test it in real world driving conditions."

Barbara Ann Bernard was named Chair in the Fall of 2017. Ms. Bernard has a passion for investing, especially when done for impact. She has over 20 years of experience in financial markets, which include working for Holowesko Partners for nearly a decade, and Deutsche Bank and Goldman Sachs in London. Miss Bernard graduated from the London School of Economics with a Bachelor of Science. She also Chairs the Audit Committee for the Board of Grand Bay Paper Products and is on the Finance Committee of the Canadian Lyford Cay Foundation Board.

About Ultera Technologies, Inc.
Ultera Technologies, Inc. is a Delaware Corporation wholly-owned by Tecogen, Inc. Its purpose is to develop and commercialize a prototype of Tecogen's patented Ultera emissions technology for mobile applications that are powered by spark-ignited engines running on gasoline, propane, and natural gas. Ultera lowers emissions of criteria pollutants (carbon monoxide (CO), Nitrogen oxides (NOx), non-methane hydrocarbons (NMOG)) to levels similar to that of a fuel cell. It is already installed on hundreds of stationary natural gas-powered machines across North America. Laboratory testing has shown dramatic reductions when paired with gasoline-powered light-duty engines. The company is also spearheading the development of the technology for propane-powered fork trucks and similar equipment.

About Tecogen
Tecogen® Inc. designs, manufactures, sells, installs, and maintains high efficiency, ultra-clean, cogeneration products including natural gas engine-driven combined heat and power, 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 30 years, Tecogen has shipped more than 2,500 units, supported by an established network of engineering, sales, and service personnel across the United States. For more information, please visit www.tecogen.com or contact us for a free Site Assessment.

Tecogen, InVerde, Ilios, Tecochill, Ultera, and e+, are registered trademarks or trademark pending registration of Tecogen Inc.

Forward Looking Statements
This press release and any accompanying documents contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding:

  • The future structure and funding of Tecogen and any of its joint ventures.
  • The status of any intellectual property rights or assets.
  • Expected operating results, such as revenue growth and backlog.
  • Strategy for growth, product development, and market position. AND
  • Strategy for risk management.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

  • Competing technological developments.
  • Lack of market interest in our joint venture's products.
  • Issues obtaining intellectual property protection.
  • Issues in the research and development of new products.
  • Tecogen's inability to properly fund its joint ventures. AND
  • Such other factors as discussed throughout the "Risk Factors" section of Tecogen's 10-K that was filed with the SEC on March 31, 2017 and can be found at www.sec.gov.

Any forward-looking statement made by us in in this press release and any accompanying documents is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Tecogen Inc. Media & Investor Relations Contact Information:
John N. Hatsopoulos
P: (781) 622-1120
E: John.Hatsopoulos@Tecogen.com

Jeb Armstrong
P: (781) 466-6413
E: Jeb.Armstrong@Tecogen.com

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