EAST GREENWICH, R.I., March 15 American DG Energy Inc., (NYSE Amex: ADGE) a leading On-Site Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities, is now producing energy at Saint Elizabeth Home, a nursing and rehabilitative care facility, through its On-Site Utility energy solution. The Company estimates the total revenue from this project to be $1.4 million over the fifteen-year agreement.
With its On-Site Utility energy solution, American DG Energy produces clean energy in the form of electricity and space heat at Saint Elizabeth Home and sells it to the nursing facility at a price lower than the local energy utility. Saint Elizabeth pays only for the energy they use and avoids all capital, installation, operation and maintenance costs. The energy is produced with a 75 kW on-site energy system, which Saint Elizabeth did not need to buy or finance. Additionally, since the Company handles all service, maintenance and repair, Saint Elizabeth will not need any manpower to support the equipment.
As an added benefit, the On-Site Utility installed at Saint Elizabeth reduces its carbon footprint - offsetting as much as 330 tons of carbon dioxide per year.
American DG Energy sells the energy produced on-site from a combined heat and power (CHP) 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 CHP 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. All system installation, operation and support are handled by the Company as well.
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.