American DG Energy secures New York CHP agreement

American DG Energy, a leading On-Site Utility, has reached an agreement to supply clean energy to multiple residential buildings located in New York.

Under the terms of the fifteen-year agreement, the Company will install fourteen combined heat and power (CHP) systems at multiple residential buildings, managed by RY Management, a property management company.

The CHP systems, totaling 1050 kW, will be owned and operated by American DG Energy. The property management company will receive a discount on the energy produced by the CHP systems and reduce the emissions of its managed properties. The value of the agreement to the Company is $27.4m.

"This is a very significant order for American DG Energy and it prepares us for a very exciting 2012," said John N. Hatsopoulos, CEO of American DG Energy. "As the core piece of our strategy, the Company continues to pursue large property holders to accelerate our growth with multi-property deals."

The specific CHP systems planned for the properties are expected to reduce the emissions of the properties by 4,386 tons of carbon dioxide each year. This reduction is equal to removing the carbon emissions of 724 cars each year.

For more CHP news



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...