WALTHAM, Mass., Jan. 5, 2011 /PRNewswire/ -- American DG Energy Inc. (NYSE Amex: ADGE), a leading OnSite Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities, is now operating a combined heat and power (CHP) system at the Doubletree Guest Suites Boston, a premier, all-suite hotel in Boston, Massachusetts. Revenue from the project is estimated at $1.3 million over the fifteen-year agreement.
In December 2010, American DG Energy began producing clean energy in the form of space heat and domestic hot water at the Doubletree Hotel. The energy is produced with a 75 kW combined heat and power system, located at the hotel but owned and operated by American DG Energy. The Company, through its On-Site Utility energy solution, was able to provide the CHP system at no cost to the hotel as well as offer the Doubletree a discount on the energy produced by the energy system. Additionally, the efficiency of the CHP system is expected to reduce the hotel's greenhouse gas emissions by 321 tons of carbon dioxide annually.
"Being selected by an industry-leading hotel, like the Doubletree, to operate our On-Site Utility at their property, provides credibility for our company and our value proposition," said John Hatsopoulos, Chief Executive Officer of American DG Energy. "We are thrilled to have their property as part of our fleet of carbon-reducing, cost-saving energy systems."
American DG Energy sells the energy produced on-site from a combined heat and power 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 CHP 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. All system installation, operation and support are handled by the Company as well.
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.