WALTHAM, Mass., May 26, 2015 /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 with a hotel in Oahu, Hawaii to install and maintain two Ilios 600,000 Btu per hour heat pump systems. The heat pumps, manufactured by Ilios Dynamics, is a subsidiary of Tecogen.
The high efficiency heat pumps will produce domestic hot water for the property and is designed to boost efficiency, save money and reduce impact on the environment. The propane fueled water heater combines traditional boiler technology with the power of the heat pump to make a dramatic difference in heating efficiency. The property may realize an estimated annual savings of up to $170,000 while reducing their carbon footprint by 266 tons annually, a 69% decrease compared to current boiler usage.
"We are excited to expand our offerings into Hawaii. With the high energy costs in the State, we look forward to working with the property to drive down their high energy costs. With electric rates of approximately $0.30 per kWh and propane rates over $3.90 per therm, this is an ideal market for us," stated Benjamin Locke, Co-CEO of American DG Energy.
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.