Tecogen JV to Bring Emission Controls to Transportation Market
Tecogen® Inc. (NASDAQ: TGEN), a manufacturer and installer of high efficiency heat and power products has announced the formation of a joint venture with a group of Strategic Investors for its patented Ultera™ emissions control technology.
The initiative, Ultra Emissions Technologies Ltd. (“Ultratek”), was created to advance Tecogen’s near-zero emissions technology for adaptation to transportation applications powered by spark-ignited engines (including gasoline, natural gas, and propane fueled vehicles) in the automobile and truck categories.
Tecogen has granted Ultratek an exclusive license for development of its patented, emissions-related, intellectual property for the vehicle market while the Strategic Investors have collectively contributed $3 million to finance the initial operations of the joint venture.
Tecogen retains the rights to its Ultera emissions control technology for all other applications.
Robert Panora, Tecogen’s President, Chief Operating Officer, and one of the inventors of the Ultera technology will serve as JV co-Chief Executive Officer alongside Dr. Elias Samaras. Dr. Samaras is the founder, President and Managing Director of Digital Security Technologies S.A. and the Chief Executive Officer of EuroSite Power Inc.
“Our emissions technology systems have been installed and successfully operating for both natural gas and biogas-fueled stationary engine applications for several years now,” said Panora. “The Emissions Advisory Committee believes the system may be successfully applied to automotive engines.”
Category: Uncategorized
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