- CHP Systems to be Installed for On-Site Utility Solutions
WALTHAM, Massachusetts, Sept. 9, 2014 /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 agreements worth approximately £3.78 (US$6.26) million with two hotels belonging to FJB Hotels.
Under the terms of the two 15 year agreements reached with FJB Hotels, highly efficient combined heat and power (CHP) systems will be installed, owned and operated by EuroSite Power at The Haven Hotel and Sandbanks Hotel, both located on the exclusive Sandbanks peninsula in Poole, UK. The hotels will then buy the efficient energy produced by the systems from EuroSite Power at a rate guaranteed to be lower than if the hotels were to buy directly from the grid.
Together the CHP systems installed will produce up to 3,326,917 kWh of total energy per annum, while saving up to 472 tonnes of CO2 – equivalent to taking 100 cars off the road each year. The new contracts bring EuroSite's portfolio of UK systems to 32 with a value to the company of £57.28 (US$94.60) million from units totalling 3,288 kW electrical capacity.
FJB Hotels is part of the FJB Collection - a group of hotels, restaurants, leisure complexes, holiday homes and office rentals in Dorset, UK. The Haven Hotel located at the entrance of Poole Harbour offers 84 guest rooms, many of which overlook the harbour. Sandbanks Hotel offers views of Old Harry Rocks, Poole and Bournemouth Bay, Hengisbury Head and the Isle of Wight. Both are famous resort hotels with full spa and leisure clubs.
FJB Hotels Managing Director John Butterworth said: "Maintaining control of operating costs is essential to ensure we can provide the very best value to our customers. With energy prices continuing to rise, a solution that allows us to manage the risk is very attractive. EuroSite Power offered the perfect solution of zero upfront capital costs with discounted pay-as-you-go energy. They were also able to demonstrate both an understanding of the needs of a hotelier and show us similar systems operating in other hotels across the UK."
"Welcoming FJB Hotels as a customer further enhances EuroSite Power's reputation within the important hospitality sector here in the UK," stated Paul Hamblyn, Managing Director of EuroSite Power. "A total of nine hotels have already signed agreements with us this year and all will enjoy the benefits of low cost energy for years to come."
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 Limited is a subsidiary of American DG Energy Inc. (NYSE MKT: ADGE). 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.
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.