-- On-Site Utility™ Solution to Provide Instant Savings
WALTHAM, Massachusetts, June 29, 2015 /PRNewswire/ -- EuroSite Power Inc., (OTCQB: EUSP) an On-Site Utility™ solutions provider, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and leisure centres in the United Kingdom (UK) and Europe, has signed an agreement worth approximately £2.26 (US$3.62) million with BH Live for a solution at Littledown Centre, Bournemouth, UK.
Under the terms of the 15-year agreement, a highly efficient combined heat and power (CHP) system will be installed, owned and operated by EuroSite Power at the leisure centre. The centre will then buy the energy produced by the system at a guaranteed lower rate than available directly from the grid. Estimated savings for the customer are in excess of £40,000 (US$64,000) per year, with no capital outlay or maintenance costs.
The 200 kWe CHP system will produce up to 2,643,795 kWh of total energy per annum, while saving up to 376 tonnes of CO2 – equivalent to taking 79 cars off the road each year. The new contract brings EuroSite's portfolio of systems to 35 with a value to the company of £61.20 million (US$99.15) from units totaling 3666 kW electrical capacity.
Littledown Centre is one of five leisure centres operated by BH Live, a social enterprise and leading operator of leisure and event venues in the south of England. Peter Portnoi, BH Live Head of Facilities Management says, "Maintaining control of energy consumption and managing cost is very important for the efficient running of Littledown Centre which has over 1.5 million customer visits a year. As a social enterprise, every surplus pound we make is invested back into our services; so we were looking to reduce our utility expenditure to create more surplus and improve our green credentials. With zero upfront costs, the EuroSite Power solution provides immediate, guaranteed, risk-free savings and their significant leisure industry experience means we can be confident they will deliver the very best solution for our requirements."
Paul Hamblyn, Managing Director of EuroSite Power, said: "We are very pleased to announce the signing of this agreement. With a total of 14 leisure centres in the UK, we are making significant progress ensuring sports and leisure facility customers around the country can enjoy on-going, risk-free, cheaper energy."
EuroSite Power sells the energy produced from an on-site energy system to an individual property as an alternative to the outright sale of energy equipment. On-Site Utility™ solution customers only pay for the energy produced by the system and receive a guaranteed discount rate on the price of the energy. All system capital, installation, operating expenses and support are paid by EuroSite Power.
About EuroSite Power
EuroSite Power Limited is a subsidiary of American DG Energy Inc. (NYSE MKT: ADGE). American DG Energy owns 48% of EuroSite Power and consolidates their financial results and P&L. The Company provides institutional, commercial and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by conventional energy suppliers – without any capital or start-up costs to the energy user. More information can be found at www.eurositepower.co.uk.
About Littledown Centre
Littledown Centre is managed and operated by BH Live in partnership with Bournemouth Borough Council. Set in 47 acres of parkland, it offers some of the finest leisure, swimming, football and gym facilities in the country and is accredited by quality scheme QUEST. Sport England ranks the Littledown Centre as one of the top performing leisure centres in the UK. For more visit littledowncentre.co.uk
About BH Live
BH Live is the leading operator of leisure and event venues in the south of England – a social enterprise that designs and builds engaging experiences to inspire people and enrich lives. For more visit bhlive.org.uk
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company's website and in Securities and Exchange Commission filings. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
SOURCE EuroSite Power Inc.