EuroSite Power Begins Providing Cost Savings to London Syon Park
Zero Capital CHP System Successfully Installed and Commissioned
WALTHAM, Mass., Jan. 8, 2013 /PRNewswire/ -- EuroSite Power Inc., (OTCQB: EUSP) an On-Site Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and leisure centers in the United Kingdom (UK) and Europe, announced that it is now operating a combined heat and power (CHP) system supplying clean energy to London Syon Park, a Waldorf Astoria Hotel. The revenue value to the Company is 3.65 million GBP ($5.93 million USD) over the 30-year term.
Under the terms of the agreement with the hotel's owners, The Ability Group, announced in 2012, EuroSite Power has installed a CHP system at the luxury hotel situated at the edge of the two hundred acre Syon House estate that has served as the country home of the Duke of Northumberland for over 400 years.
The EuroSite Power On-Site Utility Solution commissioned in December 2012 has begun delivering immediate energy savings to London Syon Park with zero capital outlay by the hotel.
The clean energy system owned and operated by EuroSite Power is a highly efficient 100 kW CHP system, producing energy in the form of electricity, space heat and domestic hot water for the hotel's guest rooms, public areas and back-of-house. Now operational, the system is expected to produce most of the domestic hot water and heating for the hotel's spa, and overall the CHP is expected to produce 530 MWh of electricity and 1,090 MWh of heat per annum.
Head of The Ability Group's Hotel and Leisure Division, Lionel Benjamin , said: "With EuroSite Power's On-Site Utility, London Syon Park only pays for the energy used and avoids all capital, installation, operating and maintenance costs of the CHP system. In addition, the energy produced is priced lower than existing and future utility costs providing immediate and on-going cost savings."
"CHP systems are a cleaner energy option, offering considerable environmental benefits when compared with electricity from the grid and conventional boiler systems. Recognized as a low carbon technology, the system will reduce the hotel's CO2 emissions by some 147 metric tons, which in turn reduces the impact of taxes such as the Climate Change Levy and CRC Energy Efficiency Scheme. With the operation of an On-Site Utility, the hotel is now also contributing to the quality of the environment with the reduction in carbon emissions."
Paul Hamblyn , Managing Director of EuroSite Power, said: "We are pleased to announce the CHP system provided to London Syon Park has been successfully installed and commissioned. Hotels are an important part of our growth strategy, and we continue to pursue these and other large property holders to accelerate our growth within the UK market."
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 Inc.
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