A company called Tecogen Inc. has filed for an initial public offering. No terms or conditions have been set, although it is likely to be a small IPO as the company filed for up to $25 million to be sold in common stock. Tecogen has applied to list its shares on the NASDAQ Capital Market under the symbol “TGEN.”

Investors may not have of the company. Its products produce electricity, hot water, and air conditioning for large commercial buildings and installations. The same investors may not have even heard of the underwriting group as the deal is being led by boutique firms. Northland Capital Markets and Scarsdale Equities were listed as the joint bookrunning managers in the S-1 filing.

Tecogen designs, manufactures, sells, and services systems that produce electricity, hot water, and air conditioning for commercial installations and buildings and industrial processes. Its systems are powered by natural gas engines and they drive electricity generators or compressors, which reduce the amount of electricity purchased from local utilities. The systems are designed to capture waste engine heat and tend to be more energy efficient with lower operating costs due to running on natural gas called combined heat and power.

Tecogen’s filing represents that the company has shipped approximately 2,000 units,. Some of those units are said to have been operating for almost 25 years. It also claims to have 66 full-time employees and 3 part-time employees, including 6 sales and marketing personnel and 39 service personnel. Its CHP technology uses low-cost, mass-produced engines manufactured by General Motors or Ford Motor Company.

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