Tecogen Inc (NASDAQ:TGEN) said Wednesday that it has sold a pair of 200-ton chillers to an indoor marijuana-growing facility in Massachusetts.
The company said in a press release that the units will ship in the first quarter and are expected to be operational in the second half of the year. The order includes a maintenance contract and will be serviced out of Tecogen’s headquarters in Waltham, Massachusetts.
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“Massachusetts is leading the way in terms of energy-efficient indoor cultivation practices,” Stephen Lafaille, director of business development at Tecogen, said in a statement.
He added that the company expects additional sales as other states issue permits for marijuana-growing facilities.
The legal marijuana market in the US is expected to reach $23.4 billion in revenue by 2022, according to Tecogen, citing Forbes data.
Shares fetched $3.56 in Tuesday’s Nasdaq trading.
Contact Dennis Fitzgerald at dennis@proactiveinvestors.com
