WALTHAM, Mass. June 1 /PRNewswire-FirstCall/ -- American DG Energy Inc., (NYSE Amex: 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 its Board of Directors has authorized expansion of operations into European markets, based on the positive results of a study the Company commissioned earlier this year.
"The results of our study reveal that the European markets, being more mature and proactive in energy efficiency, are ready for our On-Site Utility energy solution," said John Hatsopoulos, CEO of American DG Energy. "European businesses are actively seeking energy savings and environmentally friendly technologies due to various mandates. The availability of capital is still very tight, therefore, our no cost, no responsibility, no risk, just savings solution might be the perfect fit. We believe this is an excellent opportunity for our Company."
In addition, the equipment the Company plans to market in Europe, the InVerde® 100 kW combined heat and power (CHP) module by Tecogen Inc., has been successfully evaluated and tested for European CE Mark compliance. All InVerde shipments to Europe will now have CE Marking, along with a Declaration of Conformity (DoC).
American DG Energy sells the energy produced on-site from a combined heat and power (CHP) 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.