WALTHAM, Massachusetts, June 27, 2012 /PRNewswire/ -- EuroSite Power Inc., an OnSite Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and leisure centers in the United Kingdom (UK) and Europe, today announced that it has booked its first revenue of approximately GBP 17,500. The revenue follows completion of the initial installation of the high efficiency gas engine heat pump system for Abbeycroft Leisure at the Haverhill Leisure Centre in Suffolk.
"Booking our first revenue is a significant milestone for EuroSite Power," said Barry Sanders, Chief Executive Officer of EuroSite Power. "As we continue to install our existing orders and sell to new customers we look forward to growing our revenue base."
Under the terms of the 15 year agreement with Abbeycroft Leisure the Company will install and operate both the gas engine heat pump used to provide air-conditioning to the leisure center's fitness suites and cafe plus a Combined Heat and Power solution delivering clean electricity and hot water to the facility. The revenue value of the agreement to the Company is GBP 1.75 million over the fifteen-year term.
EuroSite Power sells the energy produced from an onsite energy system to an individual property as an alternative to the outright sale of energy equipment. On-Site Utility 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). Both companies supply low-cost energy to their customers through distributed power generating systems. The Company is committed to providing 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 – through its On-Site Utility energy solutions. EuroSite Power is based in Ealing, West London. More information can be found at www.eurositepower.co.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.