American DG Energy to Reduce Energy Costs for the Metro YMCAs of the Oranges in Wayne, New Jersey
WALTHAM, Mass., May 2, 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 it has reached an agreement with the Metro YMCAs of the Oranges in Wayne, New Jersey to install an On-Site Utility including a 150 kW combined heat and power (CHP) system and 450 tons of cooling, plus hot water heaters.
Under the terms of the agreement, American DG Energy with its partner AES-NJ Cogen will install the CHP system, chiller and boilers, to provide space heating, domestic hot water, pool heating and cooling to the YMCA complex at a price lower than the local energy utility. The property will pay only for the energy used and will avoid all capital, installation and operating responsibility. American DG Energy estimates the system will produce approximately 1,112,000 kWh of total energy annually. The value of the agreement to the Company is estimated to be $7,000,000 over the 15 year period.
The Metro YMCAs of the Oranges is one of the largest associations of YMCA’s serving over 164,000 members annually. Their mission is to “enrich the lives of the children, families and communities we serve, through youth development, healthy living and social responsibility, welcoming all people, in an environment that nurtures positive values”.
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.
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.