WALTHAM, Mass., June 15, 2015 /PRNewswire/ — Tecogen® Inc. (NASDAQ: TGEN) today announced it has secured a two year $2 million line of credit from its founder and Co-Chief Executive Officer, John Hatsopoulos. The funds will support the continued growth of the company, and support the short term working capital needs of the company.
Any funds drawn will be used to fund general corporate and short term working capital needs. John Hatsopoulos commented that “with a strong backlog, I wanted to personally assist Tecogen in its near-term growth.”
Tecogen’s current backlog in turnkey and product sales is $12.4 million.
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 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 building’s carbon footprint.
In business for over 20 years, 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.
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John N. Hatsopoulos
SOURCE Tecogen Inc.