WALTHAM, Mass., Jan. 9, 2013 /PRNewswire/ -- American DG Energy Inc. (NYSE MKT: ADGE), a leading On-Site Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities, is now operating two combined heat and power (CHP) systems at the Cumberland County Jail in Portland, Maine. The revenue value of the agreement is $2,400,000 over the 15 year term.
American DG Energy owns and operates the two 75 kW CHP systems that are now producing energy in the form of domestic hot water, space heat and electricity. Cumberland County Jail will only pay for the energy used at a guaranteed lower cost than that provided by local utilities and avoid all associated capital, installation, and operating costs.
CHP systems are a cleaner energy option that offers significant environmental benefits. Heat that would otherwise be wasted by typical electricity production is captured and utilized as domestic hot water, space heat and electricity. Cumberland County Jail's utilization of a CHP system will reduce their carbon emissions by approximately 584 tons per year, or the equivalent of CO2 emissions removed by 434 acres of forest. Sulfur dioxide output is nearly eliminated and nitrogen oxide emissions are dramatically reduced creating a greener environment.
Built in 1994, the Cumberland County Jail looks at cost effective measures to provide a healthy, safe and secure environment. By utilizing American DG Energy's On-Site Utility, they are receiving immediate relief on energy costs without spending any time or money. The corrections Division's 200 staff members provide care, custody and control of over 400 inmates.On-Site Utility 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. 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. 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV