WALTHAM, Mass., Dec. 10, 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 has signed a new contract worth 2.46 million GBP ($4.03 million US) with Crow Wood Leisure to provide an On-Site Utility solution to its leisure club, luxury spa and restaurant in Burnley, Lancashire.
Under the terms of the agreement signed with Crow Wood Leisure, EuroSite Power will install and operate a combined heat and power (CHP) system at the club. The new 200kW CHP system will generate approximately 2,532,178 kWh of total energy per annum while saving up to 450 tonnes of CO2 each year - equivalent to taking 93 cars off the road each year. The addition of this agreement brings the total electrical capacity of systems currently on contract to 2,128 kW with a combined contract value now exceeding 38 million GBP.
Andrew Brown, Owner and Director of Crow Wood Leisure said: "EuroSite Power's offer was compelling - no upfront investment from us and the club only pays for the energy used. We also avoid the operating and maintenance costs of the CHP system and, best of all the energy produced is priced lower than existing and future utility costs providing immediate and on-going cost savings to the operation. With the operation of an On-Site Utility, the club is now also contributing to the quality of the environment with its reduction in carbon emissions."
Overlooked by Pendle Hill, famous for its tales of witches, sorcery and black magic in the 17th-century, Crow Wood is set on 100 acres of pasture and woodland within the heart of Burnley creating a unique facility based on quality, providing a range of fitness, leisure and sporting activities. Established in 2001 this prestigious club has proved to be a huge success with its customers who continue their memberships year after year.
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 club's CO2 emissions which, in turn reduces the impact of taxes such as the Climate Change Levy. The system will also provide additional security to the site as the CHP system will be configured to supply standby power in the event of a power outage.
Paul Hamblyn, Managing Director of EuroSite Power said: "The addition of Crow Wood Leisure as a customer confirms the strength of our offer to the leisure sector in the United Kingdom. As a 200kW solution, the system being deployed is double the size of those systems already operating within our fleet. The flexibility to offer tailored solutions such as this clearly demonstrates EuroSite Power's ability to identify both new opportunities and the technical solution to continue to grow its business in this and other sectors throughout Europe. "
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). 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. EuroSite Power is based in Watford, Hertfordshire, United Kingdom. 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.