American DG Energy Achieves Two Major Milestones Over 100 Systems Operating and Nearly 27 Million kWh of Energy Sold in First Quarter 2013
WALTHAM, Mass., April 9, 2013 /PRNewswire/ -- American DG Energy Inc. (NYSE MKT: ADGE), a leading On‑Site Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities, today announced that it has achieved a milestone with 101 systems now operating. These systems have generated nearly 27 Million kWh of energy in the first quarter of 2013. This represents approximately a 30% increase over the same period in 2012 and is the highest quarterly production in the company's history. The total revenue value of our current On-Site Utility energy agreements is approximately $270 million.
American DG Energy owns and operates combined heat and power (CHP) systems, chillers, heat pumps and boilers that are now producing energy in the form of domestic hot water, space heat and electricity. Customers only pay for the energy used at a guaranteed lower cost than that provided by local utilities and avoid all associated capital, installation, and operating costs.
CHP systems are a cleaner energy option that offer significant environmental benefits. Heat that would otherwise be wasted by typical electricity production is captured and utilized as domestic hot water, space heat and electricity. Utilization of CHP systems greatly reduce carbon emissions output, sulfur dioxide output is nearly eliminated and nitrogen oxide emissions are dramatically reduced creating a greener environment.
"We continue to add systems and increase our energy production. With our recurring energy sale solution, this sets us up for growth in 2013 and beyond," said John N. Hatsopoulos, Chief Executive Officer of American DG Energy.
American DG Energy sells the energy produced from an onsite energy system to an individual property as an alternative to the outright sale of energy equipment. On-Site Utility customers only pay for the energy produced by the system and receive a guaranteed discount rate on the price of the energy. All system capital, installation and operating expenses are paid by American DG Energy.
About American DG Energy
American DG Energy supplies low-cost energy to its customers through distributed power generating systems. The Company is committed to providing institutional, commercial and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by local utilities – without any capital or start-up costs to the energy user – through its On-Site Utility energy solutions. American DG Energy is headquartered in Waltham, Massachusetts. More information can be found at www.americandg.com.
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company's website and in Securities and Exchange Commission filings. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
SOURCE American DG Energy Inc.