WALTHAM, Mass., March 1, 2012 /PRNewswire/ -- 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, today announced that the Company is expanding its ability to meet the strong demand in California for innovative energy solutions by naming Accend Energy, Inc. as a strategic representative. Accend Energy is an energy service company providing integrated energy efficiency and renewable energy solutions to commercial and industrial customers in California.
According to the terms of the agreement, Accend Energy will pursue On-Site Utility projects, such as combined heat and power (CHP) systems, chillers, and high efficiency hot water heaters or heat pumps, in California on behalf of American DG Energy. Accend will also promote the American DG Energy's On‑Site Utility solution to Accend's national account customer base in the hospitality space.
"Our relationship with Accend Energy will allow American DG Energy to accelerate the expansion of our business into California, a market which is already aligned with our product suite, low emissions technology and business model," said John N. Hatsopoulos, Chief Executive Officer of American DG Energy.
On-Site UtilityAmerican 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 EnergyAmerican 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. FORWARD-LOOKING STATEMENTS 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.
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