American DG Energy Inc. announced that the company has signed a private placement agreement with an institutional investor. The company will receive gross proceeds of $1 million when the deal closes.
American DG Energy Inc. sold 400,000 shares of common stock to a single investor at a price of $2.50 per share. The company also awarded the same investor warrants to purchase 400,000 shares of EuroSite Power Inc.
EuroSite Power Inc. is a newly formed subsidiary of American DG Energy Inc. that will focus on expanding into the European market. American DG Energy Inc. said that the warrants expire in two years and have an exercise price of $1.00 per share.
American DG Energy Inc. is currently focused on the Northeastern United States, and will use the proceeds to fund expansion of its businesses into the European market.
American DG Energy Inc. is an on-site utility company that owns and operates combined heat and power and chiller cooling systems situated at a customer’s location. The equipment generates heat, electricity, hot water and cooling based on the requirements of the location.
John Hatsopoulos and George Hatsopoulos founded American DG Energy Inc. in 2001 and the company became public in 2007.
For more information on the company, go to www.americandg.com