WALTHAM, Mass., March 30, 2016 /PRNewswire/ -- EuroSite Power Inc., (OTCQX: EUSP the "Company") an On-Site Utility solutions provider, offering clean electricity, heat, hot water and cooling solutions to healthcare, hospitality, housing and leisure centres in the United Kingdom (UK) and Europe is pleased to announce the previously disclosed understanding (press release here) with Macquarie Equipment Finance (UK) Ltd. has now been fully executed. A leading global provider of specialized financing, asset management, equipment trading, and asset services, Macquarie Equipment Finance ("Macquarie") is an ideal financing partner for EuroSite Power's On-Site Utility business, complimenting other arrangements already in place. Providing a frame-work for financing for qualifying On-Site Utility installations, the agreement allows EuroSite Power the flexibility to pursue larger and more varied opportunities.
"We are delighted to have entered this finance programme frame-work with Macquarie, one of the leading names in financing energy, smart buildings and equipment," noted Paul Hamblyn, Managing Director of EuroSite Power. "The collaboration with Macquarie is specifically designed to meet the needs of opportunities where an investment of approximately $1.5 million or more may be required and so paves the way to a more aggressive targeting of sizable customers with multiple or larger sites," concluded Mr. Hamblyn.
Macquarie's financing programme enables EuroSite Power to increase the range of options it can offer new customers for their energy installation needs. Under the terms of a typical On-Site Utility agreement, highly efficient combined heat and power (CHP) systems are installed and commissioned at a customer's facility at no upfront cost to the customer. The reliable clean power technology is owned, operated, and maintained by EuroSite Power and the customer is billed according to their usage, at a guaranteed discounted rate to local utility tariffs. As EuroSite Power assumes all the upfront expense of equipment purchase and installation, in the past the Company was constrained by availability of funds in its pursuit of appropriate customer projects.
"The addition to Macquarie's financing framework, along with the previously announced financing agreement with Societe Generale Equipment Finance, reduces financing-related business constraints and lays the foundation for rapid growth of the installed base," said EuroSite Power Chief Executive Officer Dr. Elias Samaras. "We are now free to roll out our On-Site Utility business model across Europe, offering qualified customers the ability to cut their energy expense with reliable combined heat and power technology," added Dr. Samaras.
EuroSite Power sells the energy produced from an onsite energy system to an individual customer 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 most recent annual report on Form 10-K. 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.
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SOURCE EuroSite Power Inc.