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American Dg Energy Inc
American DG Energy Inc. is a company that specializes in distributed generation solutions. It generates electricity from observation and converts it into an option for any situation. American DG Energy Inc. was founded in 2001 and is headquartered in WALTHAM, Mass. In recent years, the company has installed more than 2600 systems at hospitals, hotels, housing communities, and strip malls nationwide. It serves mission-critical facilities that must have power, such as urban hospitals, data centers, and military bases.
In June 2010, American DG Energy Inc. changed its corporate name from American DG Energy Corp. to American DG Energy Inc. On January 24, 2t018, American DG Energy Inc. announced that it had entered into an definitive agreement with a subsidiary of One Liberty Power, LLC under which One Liberty Power will acquire all of the issued and outstanding shares of common stock of the company for $3.52 per share in cash. The acquisition, which was consummated through a merger, followed by the company's authorization and approval of the Delaware Secretary of State.
The company's cogeneration equipment combines a gas turbine generator with an absorption chiller for cooling, a gas boiler, and/or a heat recovery Heating, ventilation, and air-conditioning HVAC equipment to provide electricity and heat for these buildings. The basic equipment used in its distributed generation systems is a gas turbine, and the core of every system includes a microturbine. They sell a Kerosene/ Propane engine, which they couple with a generator and a heat recovery system to reduce operating costs.
They sell an Fuel cell that is combined with a natural gas turbine and solar panels to offer hospitals, universities, military installations and major commercial properties reduced operating costs, increased energy reliability increased security, and significant environmental benefits. These distributed generation are placed on the customer premises and typically generate 30 kWh to 1,000 kWh of electricity.
Their product has been certified by UL and the California Air Resources Board, and their systems are sold by distribution partnerships that are sold to institutional and commercial customers. The company focuses on solving the needs of hospitals that cannot afford to have their power off for more than a few seconds. In 2006, American DG Energy Inc. entered into a strategic collaboration with Chevron Technology Ventures, a subsidiary of Chevron Corporation to speed up the supply of the fuel cell generator. They had been operating a fuel cell system at a San Francisco-based utility.
In March 2006, co-founder and CEO Benjamin Lockhart received the Ernst & Young Entrepreneur of the Year Award in the cleantech category for the New England region. Its wholly-owned subsidiary American DG Energy Investments, LLC is financed with $75 million in debt with Wachovia Bank and Comerica Bank to fund the infrastructure for the generation systems on behalf of its customers.
American DG Energy Inc. was awarded the 2007 Distributed Power Award at the 1st Annual Distributed Power Awards. It was given the 2007 Product of the Year award from TechWorld magazine. In December 2009, the company established a partnership with SmartPower, a clean-tech firm based in Dublin Ireland. On July 25, 2012, American DG Energy Inc. announced the securing of approximately $40 million of fresh capital.
In October 2011, the company announced a follow-on public offering of common stock that would be worth about $50 million, assuming the overallotment option is granted and exercised in full. The company, however, has reduced its workforce by 15 percent and has stopped forecasting sales.