The Dome to be First Societe Generale Funded EuroSite Power Contract
UK Leisure Centre Set for 15 Years' Risk Free Energy Savings
WALTHAM, Massachusetts, March 16, 2016 /PRNewswire/ -- EuroSite Power Inc., (OTCQX: EUSP) 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 has signed an On-Site Utility agreement worth approximately £3.02 (US$4.83) million with Doncaster Culture & Leisure Trust for The Dome leisure center, Doncaster, UK.
The contract is the first of its type to be funded by Societe Generale Equipment Finance following the recently announced project financing agreement. Speaking about the project, EuroSite Power's Chief Executive Officer Dr. Elias Samaras noted, "The Societe Generale financing was put in place to enable EuroSite Power to deliver larger and more frequent installations of our On-Site Utility projects. Coming so swiftly after financing was secured, Doncaster Dome is much larger than our usual projects, demonstrating the amazing contribution of our financial partner to our future expansion."
Under the terms of the 15-year On-Site Utility agreement for The Dome, a highly efficient combined heat and power (CHP) system will be installed, owned and operated by EuroSite Power at the leisure center. The center will then buy the energy produced by the system at a guaranteed lower rate than available directly from the grid. Estimated savings for the customer are in excess of £35,500 (US$56,800) per year, with no capital outlay or maintenance costs.
The 331kW TEDOM CHP system will produce up to 1,848,470 kW of electricity and 2,038,343 kW of heat per annum, while saving up to 667 tonnes of carbon dioxide (CO2) – equivalent to taking 140 cars off the road each year.
The new contract brings EuroSite Power's contracted portfolio of systems to 37 with a total lifetime contract value to the company of £66.22M (US$105.95) million from units totaling 3,872 kW electrical capacity.
The Dome is an arena and leisure center in Doncaster, England with a swimming complex, bars, and a sports arena that is also used as an event venue. It also boasts the United Kingdom's first ever split level ice skating rink.
The Dome's Head of Facilities Terry Parker says, "Controlling costs, particularly the impact of Carbon Taxes like the CRC is essential to ensuring The Dome is able to provide the very best facilities for all our users. Cash flow is also obviously a vital concern so, with zero upfront costs, and immediate, guaranteed, risk-free savings, the EuroSite Power solution makes perfect sense."
Paul Hamblyn, Managing Director of EuroSite Power, added, "This agreement marks yet another milestone for EuroSite Power. With a total of 15 leisure centers in the UK now set to enjoy on-going, risk-free, cheaper energy. Coming so soon after announcing the financing arrangement with Societe Generale, it shows a real statement of intent. We look forward to announcing more success in the months to come."
On-Site Utility
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.
FORWARD-LOOKING STATEMENTS
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, 2014. 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.
Investor Contact: Media Contact:
Ariel F. Babcock, CFA Paul Hamblyn
EuroSite Power Inc. EuroSite Power Inc.
+1 781.466.6413 +44 7920.859540
ariel.babcock@eurositepower.co.uk paul.hamblyn@eurositepower.co.uk
Share this article