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Print Edition StoriesTuesday, July 28, 2009
American DG Energy grabs $3.5M from private stock sale
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, reports it has raised $3.5 million from the private placement of stock, to help install more on-site energy systems.
The company sold to unnamed investors 1,663,167 shares of restricted common stock at $2.10 per share. The investors have also been given the right to purchase additional shares of common stock at $3.10 per share by Dec. 18, 2009.
American DG Energy (OTC:ADGE) 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 April, American DG Energy raised $2.2 million from a similar private placement.
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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