(MENAFN- ProactiveInvestors - N.America) Clean energy firm Tecogen Inc's (NASDAQ:TGEN) shares were wanted on Thursday on the back of a partnership deal with an undisclosed gas company.
The shares were almost 12% higher in early trade as investors mulled over the agreement which will see Tecogen's combined heat and power (CHP) technology used to bring efficient ultra-clean gas engine-driven heating and cooling systems to the gas company's customers.
The exclusive partnership includes a commitment to joint marketing dedicated local sales resources from the gas partner qualified lead generation and specific project development hurdles Tecogen said.
"Tecogen's ultra-clean gas-powered solutions will help displace electricity demand from large facilities and developments in the area a good thing for any region where electricity is still predominantly produced using oil or coal'said Benjamin Locke co-chief executive officer of Tecogen.
The initial partnership agreement focuses on Ilioswater heaters and TECOCHILLchillers both of which come fitted with an exhaust after-treatment system using Tecogen's Ultera technology.
Tecogen is scheduled to release its fourth quarter results next Monday.
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