WALTHAM, Massachusetts, May 22, 2012 /PRNewswire/ -- EuroSite Power Inc., an OnSite Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and leisure centres in the United Kingdom (UK) and Europe, today announced that it has reached an agreement to supply clean energy to the Cedar Court Hotel Huddersfield in Yorkshire. Under the terms of the agreement, the Company will replace the hotel's existing aged and inefficient combined heat and power system (CHP) with a state-of-the-art 100 kW CHP system which will be owned and operated by EuroSite Power. The hotel will receive a discount on the energy produced by the CHP system and reduce its carbon footprint. The agreement will provide EuroSite Power with pounds Sterling 1,500,000 over the 15 year contract.
EuroSite Power will produce space heat and hot water for the hotel's health club. The CHP system will offset 221 tons of carbon emissions annually while generating up to 2 MWh of energy each year. Cedar Court will pay only for the energy used by the facility and avoid all capital, installation and operating costs of the system.
"Having operated a CHP for some years Cedar Court already understood the value of the technology. They also quickly saw the commercial advantages of our unique On-Site Utility solution," said Paul Hamblyn, Managing Director of EuroSite Power. "Many CHP systems installed over the last 25 years are now in need of replacement and the Company continues to pursue this opportunity to accelerate its growth within the UK and European markets."
Because Cedar Court Hotels opted for the Company's On-Site Utility solution, the hotel will pay only for the energy used and will avoid all capital, installation and operating costs. The Company will also handle all service, maintenance and repair; therefore, Cedar Court will not need to provide manpower to support the energy equipment.
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 Limited