WALTHAM, Massachusetts, May 12, 2016 /PRNewswire/ -- EuroSite Power Inc., (OTCQX: EUSP, the "Company") an On-Site Utility solutions provider, offering clean electricity, heat, hot water and cooling solutions to healthcare, hospitality, housing and leisure centers in the United Kingdom (UK) and Europe is pleased to announce the Company has raised $7.25 million in new funds at $0.575 per share. The private placement funds will fully pay-off the outstanding $2 million loan on the balance sheet and further support the more rapid roll out of the On-Site Utility solution throughout the UK and Europe.
Speaking about the funding, EuroSite Power Chief Executive Officer Dr. Elias Samaras said, "We have been making excellent progress on our growth initiatives over the past several months; this new round of funding puts EuroSite Power in an even stronger position to execute on our expansion plans." Dr. Samaras added, "When considered alongside our project financing arrangements, the gas supply agreement, and new distribution collaboration for the EU, the company has never been on sounder footing for delivering future shareholder value."
Management's strong belief in the power of the Company's business model was further reinforced by members of senior management and the board of directors' participation in the offering. The new private placement, which was authorized by the board and fully subscribed in less than a week, is expected to close on June 8, 2016.
EuroSite Power will release its financial results for the first quarter of 2016 before the market opens on Monday, May 16, 2016. The earnings press release will be available in the "News Releases" section of the Company website at http://investors.eurositepower.co.uk/. Members of senior management team will hold a conference call and webcast on the same day at 9:00 AM Eastern Time to discuss the company's first quarter financial performance and recent events. Details and dial in information for the event may be found at: http://investors.eurositepower.co.uk/2016-04-19-EuroSite-Power-Schedules-Earnings-Release-and-Conference-Call-for-First-Quarter-2016-Results.
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 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 Inc. 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 On-Site Utility energy solutions. For more information about our unique efficient power solutions please visit www.eurositepower.co.uk and follow us on Twitter and LinkedIn.
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, including its annual report on Form 10-K for the fiscal year ended December 31, 2015. 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.