Benzinga | Jul 20, 2021 03:06PM EDT

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

* Tecogen Inc (OTC: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.