WALTHAM, Mass., March 31, 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 to install an additional two 75kW combined heat and power (CHP) systems at an apartment complex in Bronx, New York. The addition of these two systems will bring the total number of systems contracted to eight with a total of 600kW. The systems will be owned and operated by American DG Energy and the agreement will provide additional revenue of approximately $2,200,000 over the 13 year contract.
With the addition of two units, American DG Energy will be able to fully address the electric and thermal loads of the entire apartment complex. The two CHP systems will offset 482 tons or carbon annually. This annual carbon savings is equal to removing 92 vehicles from the roadway each year. The complex will only pay for the energy used by the facility and avoid all capital, installation and operating costs of the systems. The energy produced and sold to the complex will save them approximately $1,000,000 over what would have been paid to local utilities.
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.
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.