WALTHAM, Mass., Aug. 11, 2015 /PRNewswire/ -- American DG Energy Inc. (NYSE-MKT: ADGE), 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 design and construction management services to two iconic Times Square hotels in New York, New York.
Under the terms of the agreements, American DG Energy will provide fully developed, site specific, gas-fired boiler plant designs, and the construction management services to oversee the conversion of the boiler plants from No. 4 fuel oil to natural gas. The properties are collectively expected to realize an estimated annual energy savings of $420,000 while reducing their carbon footprint by 589 tons annually, a 29% decrease compared to the existing boiler plants.
"The agreements to provide design services and construction management services at these two hotels is a great opportunity for American DG Energy to help one of our prominent customers and premier hotel operating companies pursue their sustainability programs, reduce operating costs, improve guest satisfaction and brand enhancement," says Benjamin Locke, Co-Chief Executive Officer of American DG Energy.
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.
SOURCE American DG Energy Inc.