American DG Energy Supplies Clean Energy to Stevens Institute of Technology
May 14, 2009 8:00:00 AM
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HOBOKEN, N.J., May 14 /PRNewswire-FirstCall/ -- American DG Energy Inc. (OTC Bulletin Board: ADGE), a leading On-Site Utility, offering clean electricity, heat, hot water and cooling solutions to healthcare, hospitality, housing and athletic facilities, is supplying clean energy to Stevens Institute of Technology, a premier technological university, located in Hoboken, NJ. Stevens is receiving a portion of its energy from an on-site 75 kW combined heat and power (CHP) system and a 200 ton natural gas engine driven chiller, which are owned and operated by American DG Energy. The value of the energy of just these two projects over the term of the agreements is estimated at $8.3 million.
American DG Energy produces clean energy in the form of electricity, space heating and cooling at Stevens' Schaefer Center. Stevens pays only for the energy they use and avoids all capital, installation and operating costs. The electricity and space heating is produced with small-scale CHP equipment; cooling is provided by a natural gas engine driven chiller that was recently installed. Although this energy equipment is located in the building, it is installed, owned and operated by American DG Energy. Since the Company will handle all service, maintenance and repair, Stevens will not need any manpower to support the equipment.
As a top-notch engineering and science school, Stevens Institute of Technology is committed to providing educational programs addressing global issues, such as sustainability. As such, the Institute has installed alternative energy systems on campus to both reduce its carbon footprint and benefit the students learning about these clean energy technologies. The clean energy systems operating on campus function as a "live laboratory" which is beneficial for students studying green engineering. Financing clean energy systems, however, can be difficult.
"Capital is always tight in an institutional setting," stated Mark Byrd, HVAC Manager at Stevens Institute of Technology. "When we searched for companies who would finance, install, operate and execute a power purchasing agreement for CHP and chillers, we found only one. Only American DG Energy was able to meet all our needs."
The CHP system, which has been running since early February, has already had a positive economic impact, both in energy savings and in bringing in new students. "We're already saving money," said Norman Forster, Director of Physical Plant at Stevens Institute of Technology. "But even more beneficial than the energy savings is the impact on the institution's marketability to prospective students." Mr. Forster continued, "Having sustainable energy systems on campus for students to learn from, gives Stevens a competitive advantage when trying to attract new students."
Stevens is pleased with system performance to date and has signed an agreement to purchase additional cooling and combined heat and power exclusively from American DG Energy. Under the terms of the agreement, Stevens has granted the Company access to its entire campus to evaluate and determine which remaining buildings may be a good fit for additional energy efficient CHP and chiller systems.
On-Site Utility
American DG Energy sells the energy produced on-site from a combined heat and power (CHP) 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 CHP 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. 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 web site 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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John Hatsopoulos
American DG Energy
+1-781-522-6020
