On-site Clean energy utility American DG Energy Inc. (NYSE Amex: ADGE) has announced energy revenues increased by 13 per cent in 2011 and 21 per cent compounded over a six year period.
Results show energy revenues of $1,435,082m in the fourth quarter of 2011, compared to $1,298,882m in the fourth quarter of 2010.
In addition there were total revenues of $1,469,276m in the fourth quarter of 2011, compared to $1,375,948m in the fourth quarter of 2010 and total revenues of $6,022,868m for the full year in 2011, compared to $5,634,765m in 2010.
The company has won contracts throughout this time which have helped to generate growth. This includes receiving a significant order in December to supply 1,050 kW to residential buildings located in New York. The value of that agreement is $27.4 million over a 15 year period.
"Our energy revenues have increased by 21% compounded over a six year period in a difficult economic environment and despite substantially lower gas prices which reduced our cooling and hot water sales" said John N. Hatsopoulos, Chief Executive Officer of American DG Energy.
"We began 2012 having booked the largest order in our history and our focus will continue to be revenue growth of our long-term energy agreements focusing on large property owners."
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