- CHP System to be installed under 15-year Agreement
WALTHAM, Massachusetts, March 31, 2015 /PRNewswire/ -- EuroSite Power Inc., (OTCQB: EUSP), a subsidiary of American DG Energy Inc. (NYSE MKT: ADGE), a leading 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 £1.51 (US$2.41) million with Kingfisher Leisure Centre, Sudbury, 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, which will then buy the efficient energy produced by the system from EuroSite Power at a rate guaranteed to be lower than if it were to buy directly from the grid.
The 125 kWe CHP system installed will produce up to 2,742,547 kWh of total energy per annum, while saving up to 234 tonnes of CO2 – equivalent to taking nearly 50 cars off the road each year. The new contract brings EuroSite's portfolio of UK systems to 34 with a value to the company of £59.26 (US$92.98) million from units totalling 3,465 kW electrical capacity.
Estimated savings for the customer are in excess of £12,598 (US$20,156) per year, with no capital or maintenance costs. Kingfisher Leisure Centre is located in Sudbury town centre in Suffolk. Facilities include a large leisure pool, sauna, spa, 37-station gym, Power Plate studio, cafe and children's play centre.
Kingfisher Leisure Centre Chief Executive Officer Tracey Loynds said: "Controlling energy costs is of the utmost importance when running a large leisure centre. A zero capital solution providing immediate, guaranteed savings means we can keep our costs down, risk free."
Paul Hamblyn, Managing Director of EuroSite Power, said. "We are very proud to announce the signing of this agreement. Like our 13 other sports and leisure facility customers, Kingfisher can now look forward to enjoying risk-free, cheaper energy into the future."
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.