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Print Edition StoriesMonday, April 27, 2009
American DG Energy lands $2.2M private placement
By Mass High Tech staff
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American DG Energy Inc., a Waltham-based on-site utility provider of electricity, heat, cooling and hot water, has announced an agreement for $2.2 million in private placement. The funds from the private placement will support additional on-site utility energy systems, as well as general working capital use.
The private placement comprised the sale of just over one million common stock shares at $2.10 per share. Nettlestone Enterprises Ltd., American DG director Charles Maxwell and the John Hatsopoulos 1989 Family Trust participated in the investment.
The company aims to provide lower energy costs through sales of on-site energy generation. American DG Energy was founded by George Hatsopoulos and John Hatsopoulos, co-founders of Thermo Electron Corp., now Thermo Fisher Scientific Inc.
According to the American DG Energy website, the company sells energy at about 5 percent to 15 percent below current energy cost standards. It incorporates American DG equipment with existing energy systems, based on system analysis and needs.
In addition to its Waltham corporate headquarters, American DG Energy also maintains business locations in Wethersfield, Conn., and Livingston, N.J. The company reported a net loss of $2.3 million on $6.6 million in total revenue for 2008.
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