WALTHAM, Mass., Oct. 31, 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 reached an agreement to sell cooling to a facility in New Jersey. The highly efficient 400-ton chiller system will be owned and operated by American DG Energy.
Utilizing American DG Energy's On-Site Utility solution, the customer is able to avoid the capital expenditures they were facing to replace an existing steam absorber cooling system. The customer will only pay for the energy used by the facility and avoid all capital, installation and operating costs of the system. The agreement is estimated to provide American DG Energy with $2,700,000 of revenue over the 15 year contract.
"American DG Energy offers customers a mix of highly efficient, clean technologies that produce electricity, heat, hot water and cooling," stated John Hatsopoulos, Chief Executive Officer of American DG Energy. "Cooling systems expand our customer and revenue base."
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. Learn more about how American DG Energy (NYSE MKT: ADGE) reduces energy costs at www.americandg.com or follow us on Facebook and Twitter.
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.