BEDFORD, Mass., March 18 /PRNewswire-FirstCall/ -- 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 generating clean energy at Carleton-Willard Village, a not-for-profit continuing care retirement community. The energy is produced with a combined heat and power (CHP) system which Carleton-Willard did not buy or finance. The Company estimates the total revenue from this project to be $1.5 million over the fifteen-year agreement.
American DG Energy produces clean energy in the form of electricity, space heat and hot water at Carleton-Willard's Nursing and Rehabilitation Center building and sells it to the continuing care facility at a price lower than the local energy utility. Carleton-Willard pays only for the energy they use and avoids all capital, installation, operation and maintenance costs. The energy is produced with a 75 kW combined heat and power system which was provided at no cost to Carleton-Willard Village because the facility selected the Company's On-Site Utility energy solution.
The CHP system is located at the property site but owned, operated and optimized for maximum efficiency by American DG Energy. The Company also handles all service, maintenance and repair. Therefore, Carleton-Willard does not need any manpower to support the energy equipment.
American DG Energy sells the energy produced on-site from a combined heat and power 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.
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