WALTHAM, Mass., May 16, 2012 /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, has reached an agreement to provide an on-site energy solution to the YMCA in Greenwich, Connecticut. Under the terms of the agreement, the YMCA will receive a portion of its energy from a 75 kW combined heat and power system (CHP), which will be owned and operated by American DG Energy. The YMCA will receive a discount on the energy produced by the CHP system and reduce its carbon footprint.
American DG Energy will produce space heat and hot water for their new 700,000 gallon swimming pool. The CHP system will offset 321 tons of carbon annually. This annual carbon savings is equal to removing 57.1 vehicles from the road each year. The YMCA will pay only for the energy used by the facility and avoid all capital, installation and operating costs of the system. The agreement will provide American DG Energy with $1,700,000 over the 15 year contract.
"Athletic facilities with swimming pools such as YMCAs, JCCs, Heath clubs, college gymnasiums, and leisure centres continue to be an outstanding market for us," stated John Hatsopoulos, Chief Executive Officer of American DG Energy. "They have a keen understanding of their operating costs, need to conserve capital and, with their strong sense of community, seek viable, green sustainable solutions."
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.