By Boston Business Journal

American DG Energy Inc. plans to expand into Europe through a new subsidiary, which the company is seeking to fund with up to $10 million in equity or debt.

The Waltham, Mass.-based clean energy supplier said the subsidiary, EuroSite Power Inc., would be funded with $3 to $10 million, which the company hopes to raise in coming months.

American DG Energy (NYSE: ADGE) said it plans to first target the United Kingdom, Spain and Belgium - which have a high density of target customers with large buildings - and then expand to the rest of Europe. The company said itâ¿¿s targeting Europe because of the regionâ¿¿s proactive efforts around energy efficiency.

American DG Energy owns and operates combined heat and power generators located on-site at hospitals, hotels and other institutions, selling the power to the institution under a power purchase agreement.

Copyright 2010 American City Business Journals
Copyright 2010