American DG Energy Helps The Community Builders and the Central Connecticut Coast YMCA Reduce Energy Costs for Low-Income Residents
WALTHAM, Mass., April 3, 2012 /PRNewswire/ -- American DG Energy Inc. (NYSE Amex: ADGE), a leading OnSite 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 The Community Builders, Inc. (TCB) to provide a 75 kW combined heat and power system as an On-Site Utility for West Village, an affordable housing complex in New Haven, Connecticut. West Village is an apartment building adjacent to a YMCA providing community services.
Under the terms of the agreement, American DG Energy (ADGE) will install the combined heat and power (CHP) system, and provide space heating, domestic hot water and pool heating to the Central Connecticut Coast complex and YMCA swimming pool at a price lower than the local energy utility. Because TCB opted for the Company's On-Site Utility energy solution, the property will pay only for the energy used and will avoid all capital, installation and operating costs. American DG Energy estimates the system will produce approximately 1,400,000 kWh of total energy annually. The value of the agreement to the Company is estimated to be $2,000,000.
TCB is a nonprofit leader in urban mixed-income community development and manages nearly 8,000 housing units at over 100 properties in 12 states. It has developed over 320 projects and completed 25,000 housing units in 15 states. West Village and its partner, the Central Connecticut Coast YMCA, are in the process of an historic renovation that has become a cornerstone of community revival. The Company estimates that the CHP system will offset over 309 tons of CO2 emissions annually from West Village the equivalent of saving 84 acres of forest that otherwise would be destroyed by CO2 emissions, or 53 cars kept off the road annually.
"TCB is committed to reducing energy usage and the environmental impact of its portfolio, and our partnership with American DG Energy allows us to do just that," said Doug Tierney, construction project manager at TCB. "American DG Energy's innovative business model allows us to install the system, and effectively pay for it out of a portion of the savings it generates. We look forward to our partnership with American DG Energy and the years of reduced energy bills ahead."
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. 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.