Tecogen, a US-based manufacturer of advanced modular combined heat and power (CHP) systems, has raised $9.6m from investors including private equity firm Michaelson Capital Partners.
The company issued $3m worth of four per cent senior unsecured convertible debentures and $2m in common stock to Michaelson Capital Partners. The debentures will mature in December 2016 and may be converted into shares of common stock of Tecogen at $5.40 per share.
‘We are eager to be partnering with this exciting company and technology,’ said John Michaelson, managing director at Michaelson Capital Partners. ‘We are pleased to assist Tecogen in meeting its growth objectives.’
Tecogen manufactures, installs and maintains CHP products including natural gas engine-driven cogeneration, air conditioning systems, and high-efficiency water heaters for industrial and commercial use. To date the company has shipped more than 2,000 units across the US.
In October 2013 the company withdrew plans for its IPO listing on the Nasdaq after investors were offering to purchase shares at around two thirds of the proposed market value, potentially as a result of the US government shutdown.
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