EuroSite Power Closes $1.5 Million of New Common Equity in Fourth Quarter 2014
Consolidated American DG Energy's Total Equity expected to increase between $9 and $9.5 million
Dec 15, 2014, 09:00 ET
WALTHAM, Mass., Dec. 15, 2014 /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 its subsidiary, EuroSite Power (OTCQB: EUSP), has closed $1.5 million of common equity during the fourth quarter of 2014.
The common stock placement consisted of two arrangements with European investors priced at one share of common stock along with one three year warrant exercisable at $0.60 for a consideration of $0.50. For the fourth quarter 2014, these two transactions, coupled with the previously announced interest to equity and debt to equity swaps, are expected to increase the Total Consolidated Equity of American DG Energy by $9 to $9.5 million.
American DG Energy, owns and operates combined heat and power (CHP) systems, chiller, 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.
On-Site Utility
American DG Energy sells the energy produced from an On-Site 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. We are 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 our On-Site Utility energy solutions. American DG Energy is headquartered in Waltham, Massachusetts. Learn more about how American DG Energy reduces energy costs at www.americandg.com or follow us on Facebook and Twitter.
FORWARD-LOOKING STATEMENTS
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.
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SOURCE American DG Energy Inc.