WALTHAM, Mass., July 19, 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, today announced that it has reached an agreement to provide an on-site energy solution to the Luna Park Housing Corporation in Brooklyn, New York. Under the terms of the agreement, Luna Park will receive a portion of its energy from five 100 kW combined heat and power systems (CHP), and all of their domestic hot water from five hot water heaters. The systems will be owned and operated by American DG Energy.
American DG Energy will produce space heat and hot water for all five buildings within the Luna Park complex. The CHP systems will offset 2,047 tons of carbon annually. This annual carbon savings is equal to removing 364 vehicles from the road each year. Luna Park will pay only for the energy used by the facility and avoid all capital, installation and operating costs of the systems. The agreement will provide American DG Energy with revenue value of approximately $20,800,000 over the 15 year contract.
Luna Park Housing Corporation, once the home to the landmark Luna Park amusement park, is a residential complex consisting of five buildings with 1,600 units and is home to approximately 6,000 residents.
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.