Tecogen Inks 25 Long-Term Service Contracts With Residential Complex In Toronto

Tecogen Inc TGEN signs 25 long-term maintenance services contracts with the management of a large residential complex in Toronto, Ontario.
The 20-year contracts provide for the maintenance of 31 InVerde e+ cogeneration systems and ancillary components.
Each InVerde system will provide electricity and hot water for residential buildings.
Tecogen will service the systems out of its Ontario service center, established in March 2020.
"These units are expected to run with over 93% uptime, which maximizes the savings for our customer as well as our service revenues which are billed per run hour," commented Benjamin Locke, Tecogen's CEO.
Price action: TGEN shares are trading higher by 10.5% at $2.005 on the last check Tuesday.