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Tecogen wins second paycheck protection program raffle

WALTHAM, MA, February 09, 2021 (GLOBE NEWSWIRE) – via NewMediaWire Tecogen Inc.(OTCQX: TGEN), a clean energy company providing ultra-efficient, clean, natural gas-fueled onsite power, heating and cooling equipment, is pleased to announce that it has secured a second loan the Paycheck Protection Program in the amount of $ 1,874,269 pursuant to the Coronavirus Assistance, Relief and Economic Security Act (the “CARES Act”), as amended. The loan is guaranteed by the Small Business Administration of the United States.

Interest on the loan is at the rate of 1% per annum and all loan payments are deferred until June 5, 2022. If not canceled in accordance with the Cares Act, as amended, the loan is repayable in forty-four (44) month installments of $ 43,400.49 starting July 5, 2022 with final payment due February 5, 2026.

The Company intends to use the loan proceeds for payroll, rent, utilities and other operating expenses, and plans to seek cancellation of the loan balance as permitted by the CARES Act, as amended.

“We are fortunate to take advantage of the opportunity offered by the second drawdown of the PPP loan,” commented Benjamin Locke, CEO of Tecogen. “The additional liquidity allows us to maintain operations and provide maintenance services in these difficult economic times. We will continue to focus on our manufacturing operations and maintenance services for our power distribution equipment, which is essential for the operations of many residential, office and healthcare facilities. “

About Tecogen
Tecogen Inc.designs, manufactures, sells, installs and services ultra-clean, high efficiency cogeneration products, including combined heat and power systems, air conditioning systems and high efficiency water heaters for residential, commercial use , recreational and industrial. The company provides cost-effective, environmentally friendly and reliable products for power generation that, through patented technology, nearly eliminate major pollutants and significantly reduce a customer’s carbon footprint.

In business for over 35 years, Tecogen has shipped over 3,000 units, supported by an established network of engineering, sales and service personnel across North America. For more information, please visit www.tecogen.com or contact us for free Site Rating.

Tecogen, InVerde e +, Ilios, Tecochill, Tecofrost, Tecopower and Ultera are registered trademarks of Tecogen Inc.

Forward-looking statements
This press release contains “forward-looking statements” which may describe strategies, objectives, prospects or other non-historical matters, or projected earnings, revenues, returns or other financial measures, which may include Words such as “believe”, “expect,” “anticipate”, “intend”, “plan”, “estimate”, “likely” or “may” and other similar expressions identify forward-looking statements. These statements are predictions only 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 these forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements.

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 future results expected include the impact of the coronavirus pandemic on the demand for our products and services, the availability of incentives, discounts 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 finance our operations and growth.

Tecogen contact details for media and investor relations:

Benjamin Locke, CEO
Phone. : (781) 466-6402
E: [email protected]

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Margarita W. Wilson

The author Margarita W. Wilson