TGEN - Earnings call transcript Q3 2021

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Operator

Greetings, and welcome to the Tecogen Third Quarter 2021 Earnings Call. [Operator Instructions] On the call with us today we have Benjamin Locke, CEO; Robert Panora, COO and President; Abinand Rangesh, CFO and Jack Whiting, General Counsel and Secretary. I will now turn the call over to Jack Whiting. Thank you.

Jack Whiting

Good morning. General Secretary, Whiting, Jack is Counsel Tecogen. and This being will of be note website this on and is call weeks. two section Please archived recorded the tecogen.com for at our Investors morning quarter release press and provided the as our regarding section third well. are The XXXX in available our the earnings presentation of website Investors this I statement earnings the and presentation. included to press your to attention direct like in would our harbor safe release statements plans, we Securities that the make purposes and harbor prospects safe may forward-looking of Litigation XXXX. Private expectations, remarks Various company’s provisions constitute about for Act the the of future under Reform Actual Form of indicated by various XX-K and may recent in these result including materially Factors, the XX-Q on filings. factors, most and available a discussed reports under are the quarterly those and as results from important the of Risk section differ heading on forward-looking report under those company’s Investors statements caption the our Exchange which Securities Form website SEC on Commission with file on our annual

we to subsequent views statements future, as the any our elect statements disclaim some any you of specifically we point in obligation the forward-looking While update so. not at rely to representing should to on Therefore, today. as date do forward-looking may

financial will non-GAAP to now our this measures Locke. release call quarter of the in press GAAP Accepted in accordance to earnings Accounting the financial website. Investors regarding third most During our turn measures provided Benjamin will is with in we refer over these measures the section call, comparable Generally the reconciliation XXXX I and A Principles certain to not of prepared or directly GAAP.

Benjamin Locke

Jack. you, Thank

Day just who on veterans, are thank our and day of we investors Veterans started, important everyone, Before tell very all I’d for to you. you get wanted and employees,

veteran, appreciate a all So service. is we your the call anyone on

questions. the brief third on key agenda followed results. We’ll slide detailed a company our discuss of So then over four, quarter earnings, to the then we’ll with turn starting off operator review on overview, call takeaways for a from start the by the

will the As for of this in available webpage. our a presentation download reminder, section be presentation investor

a systems savings to I’d sells energy gas resiliency Turning X, overview and to efficient and to cleaner of customers, Tecogen provide clean emissions maintains short while reducing and environmental energy like Tecogen. a to for footprint. greenhouse slide provide

industries to Our grid resiliency reach solutions goals providing help and environmental outages. while facilities their

As centers XX recurring Tecogen seen steady our has these XXXXs and to maintenance revenue map this deployed to of service systems, we have stream these customers. provide on to a

of maintain as many the generation market XXXX grid micro the in the ability released. since operate for the the and Tecogen was grid micro ranked presence with States United X, distributed in in slide our the systems micro our grid third grown to the systems study deployed of grids study to Turning has operation number during outage.

process of controlled addition tremendous environment order These we’ve our These In gas lower grow and chillers ideal products a agriculture. after with use applications particular with use in sought operating healthcare industrial cooling conditions. for costs are chillers. power had maintain our indoor electric systems clean growth in greenhouse amount success operations distributed to generation reduce for to in than scale traditional systems, footprint cooling offers and and Tecogen

the reduced for heat substantially chillers simultaneously dehumidification. capacity facilities facility Our operate providing amount while electric needed to of these

that far. emissions variety about across a hydrocarbon platforms so in we’ve our have a clean lastly, for cost sizes. facilities. currently X As our reducing wide OX of CO controlled clean Slide engine And our Ultera of recognized earnings press and facts XX,XXX provides systems some and release chillers effective emissions as technology is agricultural and interesting tons solution energy our indicated, we deployed

kilowatt billion more of continue energy tons units we mentioned, of to of over deploy than with over increase numbers hours our to systems million electricity XX shift, CoX, course from we’ve saved XXX,XXX I over of generated clean as X,XXX runtime. X.X As hours more These customers.

results Before remind Abinand our the in main detail, investors more quarter I review call on to revenue X. of I’d turn our like to third three over slide streams to shown

Our product sales indoor to of consists industrial cogeneration chillers residential including a systems, grid of and micro range processing, sales and of markets, hospitals, unit multi cultivation. units, buildings,

whereby to maintenance our a primarily with installation third revenue And and revenue services energy Our electricity consists stream thermal services. our from equipment energy and component produced of sales of parts we then small sell customer is by in contracted takeaways site facilities. Abinand? review numbers have Abinand the I’d detail to for on additional that, our With over some on quarter. and the we’ll more to call turn to like comments

Abinand Rangesh

we due had second small a number time from experienced some We very and resulted chain our of supply chain the slipping XXXX. into supply safety efforts, third problems. in to a stocking to begun delays orders quarter quarter in critical lead had components in Despite critical product that challenging issues Tecogen vendors. starting anticipation long QX,

now do further and Therefore, to the anticipate product received fourth QX, first quarter the supply next most of of production we not of XXXX. disruption have these parts We through quarter out critical year. adequate for carry shipments

during our Although for which protection net a warranty $X.XX and per was will share to segment XXXX, to period manufacturers’ in continued to was retention later mix, date commissions quarter $X.XX to to XX% share a XX% from loss that gross in The the the compared XX% in per revenue. respectively year of revenues $X.XX was This compares slide. at for related third This revenue were compared favorably was decline million and product of credit employee the diluted resulted and as and mostly margin $X.X in X.X% QX paycheck income XXXX. XXXX Operational by our by loan million this expenses to the $X.XX costs. $X.X share detail increased reps. in were higher expenses increase XXXX. in in the product the sales forgiveness to discuss more improvements the of primarily have installation decline impacted lower down, sales $X.XX I resulted same QX, and million. to per due higher due revenue fully selling to

operating to million the was driven $XXX,XXX same year. last was revenue $XXX,XXX period was during mentioned, $X.XX EBITDA to supply retention the to from forgiveness lower $XXX,XXX was income year, significantly face already same to positive compared compared $X.XX during period loss some protection protection we revenue. as paycheck same due the last forgiveness Net by is loan a as The the by $XXX,XXX removed XX%, constraints. predominantly Our period employee a and was loss $XXX,XXX loan adjusted This compared the credit. the the of loss in chain XXXX. paycheck the in predominantly decreased calculation. of Products EBITDA million negative

Our by the reduced in revenue ship fourth as product million one $X.X large was will quarter. and order chiller delayed was

in by in backlog especially sector. controlled the encouraged are agriculture we increase However, the environment

margins as Our quarter-to-quarter. projects close XXXX. of complete increased QX, Service many down our to Installation compared were XX% larger gross profit also turnkey XX% XX% to services revenue declined to are completion. or

our so new the year on chosen higher of concentrate Over to going limit number and the we segments have we the business. that can of projects margin forward, installation actively last

reduced by backlog. Our operations XXXX, by service production compared to lower increase installation Canada. XX%, contracts helped this Service’s increased QX, decreased in Energy and parts margin our actually X% was due reduction to margin gross activities. and being business site to the XX% back constant seasonality to down QX, The about due at will Ben talk I for primarily sites profit XX% call now gross to to some hand margin to improvements. taken related compared remained XXXX. the

Benjamin Locke

Thanks, Abinand.

quarter. the to discuss takeaways Turning what XX, slide feel for I’ll important I

to COVID recovery First, we segments. in of see from the continue challenges due economic our a gradual each business to

to XX% backlog year from sales product are still up our levels, are we grow from While pre-COVID down end. seeing continue

are controlled the business for in that seeing our with the the environment agriculture. clean backlog half we Importantly, solutions are backlog areas in scalable about of cooling increase

press controlled value As volume environment agriculture in increases. of industry as crops high release I is yesterday, fast growing for large a a long growth the need year mentioned

such the growth controlled capacity, the further and food high value environment have of is have solution into expect year agriculture. for CAGR over Tecogen XX% penetration tons Tecochill production, high cannabis, for driver where main We demonstrated five XX,XXX we the in crops projected which as intensity

network our and representatives and by in see growth adding most sales markets the potential important also reach sales cost and partners establish are in manufacturers’ an geographies and expanding where for sales to chiller way our These term products. sales products agents effectively we geographies. for We’re networks expanding new cooling our customers long

of end cash in at currently improve implemented quarter to with high of and maintaining manufacturing our XX.X are we mentioned, almost equivalent and million. meet Abinand consists stable balance improvements our we segments. operational remained and the And position to product which margins both contribute to corporate continue during products. as $X.XX COVID cash and our backlog, is improvements service margins while million entirely These key Next,

micro like provide is energy product Tecochill to and on of XX, to an in The slide pathway expanding potential in grids. our on line optimizing and distributed Turning taking our business, plan to update shared to I year. relate operations growth policies advantage which generation focused in the core earlier I’d our market as emerging it

processing, sales, could to that other core earlier, agriculture similar have simultaneous I where cooling candidates there many mentioned applications requirements addition be our our cooling dehumidification environment are to load. solutions. goal is cogeneration such controlled in clean on there as for This our clean maintaining and cooling is a food industries First, in as focus our but

markets. cultivation, over of have activity XX% already facilities dominant cultivation at square regional some space focusing a of ourselves and of in will And market position for share the to given cannabis on goal feet in I’ve set We cannabis canopy. our abundance that continue XX,XXX in least

cooled expand our of cooled Tecochill such Tecochill hospitals, system fill and is air Next, will and offering. many sales where was needed. an drive This markets in as a the indoor our the chiller, chiller of hybrid on making cultivation progress substantially air we’re which the potential gap development for

energy generating it passed economics to new is have have And is relates potential micro by and U.S. are promising the support vision where combination for for to see as late goal for battery effort. for drive with we solar and market the geographies. certain infrastructure compelling the product interest and sponsors now a opportunity in technology we grids finally bill to currently Our our hybrid that the in XXXX lastly, ready

are mix generation strive as control energy to based milestones rates, systems, meet I announce sources micro to and fuel seamlessly distributed the CHP of time can manage sources best hope detail for resource, solar and or whether grid and/or and any the utility. multiple more other controls of we our to goals. operational inverter have strategy battery Our sources are day, storage, integrating designed integrate these that the proprietary on sources inverter to distributed energy

in a that like are in way energy company national the overall that, trends North of the Our grow sustainable in and questions. strategy the call changing outside turn to eventually is policy, America. consistent I’d over with to areas ourselves scale to With

Operator

Thank question. Please state [Operator at this question comes we be you. Instructions] H.C. from And with Amit Wainwright. conducting session. will Dayal question Our first answer time, and our your

Amit Dayal

Thank you for taking the questions.

Ben was he side, rates, on challenges if on very to outlook right prevail etc? assumes in that. business how we ago. the post chain from should you’re a in run be think these than like think So one quarters revenue better side Any helpful. of product some given the for to challenges the getting guys of what you. environment the a like few how quarters service about taking normalizing contracts Thank it’s would up it market about normalized, type On supply should continuing supply you only now? chain hand, making we few the In looks you’re now changes pandemic are the And

Benjamin Locke

an of Sure. some to in certainly, shortages, up let like adjustments some of take been order them temporal, lead issues Abinand these wrestling answer. have note, And he’s I’ll things supply longer smarter that. therefore color give certainly are And and and start fill maybe ordering that I’ll in chain we and because with we levels some are times and and

troubling increasing those are were more think the to prices faced I chain are feel lot that a And excessive And of is able we and Amit being we all supply comfortable answer lead that and we time the Some of again, spent things. that issues have much to management’s more times, etc, working to these issues. supply people change seriously. taking up suppliers on pretty the

don’t vendors, think kind think They in trying changing all be them price I we We’re together. them adjusting some and sometimes the accepting troubling to to. different where quarters. that’s next be have came of passing that quarter vendors, on sure. case was But out few going this particularly increases the to I to

he we’ve Abinand I at looking some in color. and I’m got can fill think

particular were feel we’ve got giving about think us them. vendors those good pretty workarounds that we I problems that for

Abinand Rangesh

QX. there agree on because stock. definitely producing sure quickly, same time sector, for as don’t that to delayed. move we couple Ben material one But forecasting orders QX just to where things mean, we’re can an that. time especially lead comes I We that Yes, to were going make very of of about, product actually orders like I sure were happened enough a tend different with as can and that have at cannabis have mix key quickly the of that lot that our to nature well we much longer meant we’re make accurately. buy that issue this a move to it of when the items in the of sometimes quarter, in always the the of see things some tend we want orders We forward. We thing

supply of it especially to that some the we’re and that, operating talking XXXX. QX, increases on Beyond vendors we of that that what when is But we’re our control have from again, agriculture pricing customer we big that, a in be to in have going terms The to markets site of pricing we on prices the if much is of some pass so in advantage QX, bigger have one we way And we of terms end ability sort going past comes offer the well. in issue as we in this. lot of to that do in more see savings see environment raising power. chain safety

change margins. So again, things we we’ll forward. as hopefully able keep to will investors be updated But maintain going

Amit Dayal

And larger on is a development in start that of quarter a marketing looking position to you one be the are chiller last air-cooled done Just to kind had with expected highlighted now? quarter, this completed product? that you

Benjamin Locke

right, when mentioned be I don’t installed or you’re four few this, of to me a Yes, it’s type more very our a they’re at This to talking and our and remarks that have the this months. system in chiller hear cooled pilot to how have others tower, developing They go few mentioned, hopefully you for using. But we especially cultivation or rollout are drive. to going they that’s now. talked times air as chillers conference three I out we business, when use important And or maybe that last of air-cooled of have that is chiller year, going next take and one a five, we indoor whatever just hospitals time sell hybrid development an use up same Tecochill to cooling the don’t maybe we about the they ready next Amit, we’ve call got time. a my exactly But year go. this a is that

a be to us. case and this customers’ of very advantageous to and able And ability thing so doubling very starting our fast that’s product of megawatt address starting down we’ll next we’ll everything the supply have can what’s with chain people. it’s I get on so to cannabis expectations more in the this be to we well, They to very, project year up one And to quickly. a as Amit on those really perform to us quickly running want that’s facility that very in new with for lot wanted to cooling important clean And people’s there. to fact, them and now get

chain supply can that to mentioned, sure So everything just we focused nimble, in Abinand and also make really it’s really about works that be because our I mentioned favor.

Abinand Rangesh

now. reality essentially One thing have have But chiller, that an we’re we still is a of even Ben we address the us can markets now. address right what to it’s already add to cooled the It lot right I doing. air not we on we’re wanted allows potential doing increment a I the think that long, in to markets

of that we’re we that we’re have, with aiming out. should essentially and something continue it’s a product going what with basing believe our right that in doing the based we can address for So on coming what that. not We markets we and that new we we’re strategy now I think to achieve profitability profitability can

Amit Dayal

sign typically that attach and really what mode for sort like offering any with is buy offerings if color Thanks this also execution? a to the of customers those of just service products of question of is rates sort efforts, on part product attaching the the you service up get who the it,

Benjamin Locke

to savings equipments we us great the benefits and service them their contracts running come and of It’s sure do make customers to that customers, that all best offer understand you The Amit get Yes. equipment. to XXX% savings. with having it close to it way to our need the for that maintain

contract. I very So carry to few along exceptions, the close service XXX%, with say would

Amit Dayal

Understood. for Thank questions you take so my Thank that. you I’ll offline. other much.

Operator

you. Thank

Our next question. your question ahead Michael Zuk. from with Please comes go

Michael Zuk

the Good of reps after Day. rep Ben of and and morning, add where manufacturer’s everybody. you California could to you. where the an you’re status give that, then you are give little color trying your Veteran’s us Happy us geographies on opportunities do a the kind the system for update more on

Benjamin Locke

Sure.

chillers generally we’ve got with think mostly sold I So is effective associated said more before we’ve reps, the others. manufacturer’s than many through reps got as some I’ve representatives, to in this and in place, with regard chiller reps our calls and many

looking Jersey New as is much we’re deciding exercise to our of work other change reps very rep are or reps and the effective. that more looking want we rep. part success So with at maybe where having that is then if And geographies in one at this not effective, very

Mike So of I got are presence is rep the the for geography environment the just looking And the Florida. cannabis, reasons control, then controlled down states the cannabis to agriculture. layered might very getting course, by where sales can In as there. sales Midwest the engineers generally reps also by geography of and from them or reps our state And to our sprinkled energy state region or to customers. mentioned been right know areas agents for the increase region whereas around. and very the northeast, that certainly And agents different to we’ve understand the course, developers recreational that products sales based, you throughout of move are we’ve on roam out have to these that we’re forward about project are chillers

a to Getting different lot a to the as more Mike, and that So board. exists Again, us thing it’s reps expand all of lot thing. there our you months network a few over has California, California, necessary we probably sales That’s well. in opportunities reps. through base California announcements can certainly kind of get cannabis seeing we’re you’ll in good California. a outside next grow few increasing back the opportunity as because on for

different and that on grids, then are in Massachusetts, the You in we’re in you some can’t a ground of terms etc. got outside market But permitting micro We’ve much California California bit hang is in the here least doing way for of contacts overall facilities can’t for us that. grow getting California, in terms they’re of a year. the of the helping And there different. find

and some But is ability to California. that in is our you bill as get going more I etc, ever start it upon in I’m if not our generation we aspects to Still know, think will gas much of generation and that past us. distributed make penetration frowned be helpful California, this sure I battery, to way Mike, controls very be to have to the is integrate to going going think we’re that. and inverter infrastructure

You add want to anything that to Abinand?

Abinand Rangesh

cooling are more very up us broader because an offer the I conditioning when have and industries want an but think the that focus, now issues specific very the have that, that’s doesn’t and specialism And I water more chillers have especially as Mike one doing these a air operate even sector. doing such has our of across working of that reps that mentioned, large fit right advantageous both as to on is only hot they’re is might chillers, some recently use to cannabis we Ben or that of The that that be comes advantage much the much how with of as requires we’re that And which either going in for thing well reps some can geography we’ve an that have a will when been of skills state Yes. in to that to dehumidification. and a as reps customer certain more focus some add the market rep reps much think working think they expertise been you be lines with finding industrial and we’re more in we I segments. try what huge but one they range grow or typically traditionally, successful industry always

Michael Zuk

the And that trying marketplace? enter any you’ve the Texas then past in in the market, you’re progress to Texas mentioned

Benjamin Locke

so. we tapped can, our processing and we know good get have for we Mike resources that’s and I already on focused and the focus really rates, Not I’m not product it might to sell electric the trying other get those on sales be get to-date, this food say what there. now focusing to in down areas here call minutes about etc stay because can where so compelling areas know those can Mike. heard where XX areas we’re a me you’ve where little much bought try I the spark is XX spreads on it now right we less tremendously times in not really uptake cannabis, The probably

really be market I’d on a focus But are much delivering good for Texas, areas rather that results us. good So the us. could it for

Michael Zuk

How there? update. I we’ve are little a commitment we know give Well to a Florida. then that us doing made

Benjamin Locke

good. very great, Great,

absolutely down there, a, Mike, we to center got environment in are there, have And where down growers in our so is lettuce There that person that, there’s controlled agriculture you’re service know, because fact our know, activity you there, expand Mike, our how maybe see Florida that’s you going Florida. another in love in And as non service I we and believe center facilities that are there. get as expand cannabis. you fact, would In grow us to I after a see looking to for more person territory. another

So Florida that. happy looking very is very good. about I’m

Michael Zuk

And I’m know then always in interested geography. in we question that geography, are How final Canada, on any there? we had additional doing facilities. I in Pending Canada? growth some development

Benjamin Locke

the course, a have I of it’s so of Toronto units Well, little more complex the there some residential what very area. a is nexus We’ve we Yes. systems up And with or opportunities cannabis, XX believe with main But regulations. cannabis different challenging country, different in are the there. there running. large got

going I the more to little in it’s think you’re think indoor in going growth to States. the here bit in Toronto cultivation area. we’re see But I United certainly see some that decent growth of

Michael Zuk

then the potential would about be natural me, And that’d for indoor market? in a to Canada seem vegetable,

Benjamin Locke

going if get those into the your that’s industrial in some driver scalable. food be of of and and facilities and course, food crops. those areas, start these good driver And is to pot other spark But population for when and the works old as and of production And you favor, ultimately, spread Sure, where to very hemp all for production big worldwide then production, I areas mentioned, yes. for the absolutely. there’s our eventually these is

Mike, in steps, for XX% or position it’s well we’ve states. So that’s And we’re have other on really some already a market these got well facilities. XX%, striving we’re our Massachusetts, we anyways. over no I in what way, share growth dominant in of good I’m think, indoor here baby

very And an of us that. So it’s see scalable. if do gives it. to opportunity hopefully Canada we’ll And do to going I’m more

Michael Zuk

And systems? With particularly much old existing we on then chilling year final XX, XX in regard fleet, upgrading the the one question. success having our side, XX, are to

Unidentified Company Representative

at the the question, answer, care that our, I’m in glad from of there’s is A you sector especially now, you because if definitely upgrades systems. have our right yes. the asked there older of facilities amount some actually, backlog look lot the we health healthcare

We from gets And very end continue get that pipeline purchasing to do of definitely as few well. systems. have most projects when those existing in of a the the us. to of we pleased And life, them our end new quite that. savings they up the systems Customers with from are just chiller

Michael Zuk

Well, offerings. congratulations challenging our been let which new all operating, been the on will of forward progress environment and on good of that’s XXXX the made us some with some hopefully restrictions we’ve up move a despite Congratulations loosen nine the in product months.

Operator

Thank Instructions] you. Blanton comes question Harbor question. from state Our Please Clear Alexander with next your Management. [Operator Asset

Alexander Blanton

I the Harbor. Good morning. wanted Clear you That’s to engine Harbor. Clear ask C-l-e-a-r. about vehicle and pollution developments.

You haven’t updated on that? us

Benjamin Locke

Mike, Ultera. Sure

course. we arrangement still with licensing call And origin that’s last gave of progressing. have engine, we update the our So

for their everything letting to trying and that earnings on bet to Mike of that’s of back something And had is get our see engine them I much But our marshal Ultera infrastructure product zero progress before Ultera terms work except I they’re for have origin near really was support of not few I for getting again, and a focus time done come the words with sales they I might with passed important the have to their and about Mike material Origin, for get council, us resources it. that and testing make along. Ultera propane call on going going to and job tangible origin mentioned. to example, kind I divert effort. sponsors to a just and resources that have I’m And because their But last let our think to the we we’re not us like until emission be continues focus get much the to to my In say the I think we’re offered And good council thing. the profitability propane to all to the it. of have done guide the bill has they’ve of trying plan was and goal any waiting any do company. since to to some occurred to

Abinand Rangesh

moving think in truck regards I a to a we’re to progress improvements some see going and just technology do market it’s think at lot to whether run. And of and in the some pieces will in a the business going of be way quite that things, newer hard bit is the it’s But potential could side, terms the happen. to catalysts Ultera own as with is fork in little it’s what some more those this of And the company now. products. upside a of the right the technology dive other I think the to for I material Alex, band, we’re to long non-road on of there’s our terms markets looking we’ve tell of one it of a a made impact

our CO resources Every the wonderful. the in going shipped and goes huge of and better and be it’s focusing air because it we’re of that in the it are with permits. NOx that they are we it’s in field. that do one getting customers contributor engine, it in be, NOx of lot If would operating doesn’t development regulated origin, the and for can terms if is of products. especially hoping on. we’re But funding stronger stringent terms every combination one it it’s forward a a something have these happen, Perkins of a up more markets gas lot new of We’re with much greenhouse going But to forward, not

of lot a us gives advantages. it So

seeing just not licensed system you’re lot now. So Ultera’s right of a ship,

Alexander Blanton

infrastructure the to wanted ask bill. I about also

You seem to from of that. you there. footprint the did the would carbon building, in forward big the talk is that of goals that carbon carbon that a specifically, buildings, in about reducing of But the reduction moves it terms footprint buildings? market mean the that of there’s What bill for

Benjamin Locke

Mike, actually that there’s it. things bill. Well, at lot not he of I’m a looked in if sure

Alexander Blanton

This is Alex.

Benjamin Locke

sorry. buildings. a on lot There’s bill are in that that Alex Yes.

we’re with be way is number. the the enough XX, could our solar participate I from of two really because what’s enormous manage that thing running be one the multiple operational to a and that meaning it’s be powering the going bit to focused strategy. that think the distinguish we are our be smart between be the able importing micro which engine could or going and building best distributed think we Alex, controllers inverter sources is inverter from engine is a grid little off I our the power being could to could mentioned, we I some I’m piece, grid, to be as array some in again, generation ratio on our doing could And

good projects, demonstration are a for of think, infrastructure be come the I going types us. those I’m eyeballing to So of fit that are bill what to out

Now New in overall buildings residential big unit York. in general, building like a multi

infrastructure going the Now, specific help how think of is to don’t bill kind that? anything there’s about I that.

possible. footprint I going I think boiler improving measures, different. and a these efficiency to every a to to mean, and as as about allowing is more reduce best technologies buildings their be etc. building allow it’s efficiencies,

Alexander Blanton

the trillion? already will $X bill passed. bill, in about, bill bill reconciliation that there been that’s the the Is there So to But anything new that you? anything that’s is affect what in

Benjamin Locke

with levels. going are very get pieces with really real down important on. not to the is that something done Again, I’m know that. grid very micro would to exact focused the have I’m broad the I back you, notionally to would to But about I you that dig that me. and to I that be yet. specifics Alex find the I’ve have honest

Abinand Rangesh

Alex tax thing there’s for of our lot with can actually XX for to as these take which levels seeing the seen local punitive some the the the only Boston. regional benefits are are of more that. being we’ve bill, New are we’re of a advantage of credits customers done York, I in more seeing What we example, main that here, emitters. things and as high most mean,

every is starting and seeing one we’ll implement helps you’re potential almost we penalties. to gas save substantially always because emissions. money products, therefore, our more any other done that heat greenhouse it, We’re customers of actually regulation. if more places And CoX carbon And the able regional of are properly emissions to use and the against reduces accounting us and that kind

whether to like right in not. that more being terms be restrictions penalties will are But customers question of be regions much there drivers fleet, do. what against installed places The New units now, York. local is or our from definitely prevent So those other existing likely in saving will

Alexander Blanton

fourth the any have you What do terms quarter? were fourth of into there sales for third? Finally in guidance projects delayed were mean the for fourth fact the does that quarter quarter considering the that from that

Benjamin Locke

you Yes. third going confident etc. fourth ever the think quarter the to I be than Alex, don’t any feeling is production, about quarter specific future sales, better I’m But as to I’ve guidance given know, quarter. pretty

Alexander Blanton

Do you a going your of that? this on Are publish transcript website? you call do to

Benjamin Locke

hours. XX Yes.

Alexander Blanton

how that be for will And there long? up

Benjamin Locke

two Two weeks For weeks. Alex. sorry XX hours,

Alexander Blanton

Wouldn’t there good or keep it year be for two? to a it

Benjamin Locke

we will talked Alex offline. We’ve about Maybe that before. take this

Alexander Blanton

a Two for time long up. to get weeks is not people caught

Operator

further remarks. at questions There back you. time. Thank no to turn it closing I’ll this management are for

Benjamin Locke

and for our I on a listening Thank bye. and you end Well, for end here quarter year. Day bye, investors next to to you all, forward you all thank to at the year Veterans fourth to of thank Again, all I the talking beginning look results year veterans call.

Operator

good This day. call. you. disconnect. concludes participants Have All Thank a today’s

Tecogen (TGEN) 11 Nov 212021 Q3 Earnings call transcript