EuroSite Power Signs 6.6 Million Pounds Sterling Contract with Roko Health Clubs
In 2012 the Company has Booked Contracts of Approximately 29.5 Million Pounds Sterling
WALTHAM, Mass., Oct. 15, 2012 /PRNewswire/ -- EuroSite Power Inc. (OTCQB: EUSP), offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and leisure centers in the United Kingdom (UK) and Europe, today announced that it has signed a contract to provide on-site utility solutions at four sites operated by Roko Health Clubs in the UK. The total contract value of the four projects in Chiswick, Gillingham, Nottingham and Portsmouth to EuroSite Power is approximately 6.6 million pounds sterling.
Serving the 'premium affordable' health club market, every Roko Health Club provides luxury facilities and programming to their customers at sector beating prices. The clubs have indoor pools with spas, saunas and steam rooms, spacious and well equipped fitness arenas, dedicated group exercise studios, luxury changing rooms and Costa Coffee club lounges.
Under the fifteen-year agreement, EuroSite Power will install and operate combined heat and power (CHP) systems at each of the four health clubs. EuroSite Power will produce clean energy in the form of electricity, heating and domestic hot water for each health club at a price lower than the clubs' current and future energy suppliers. Because Roko opted for EuroSite's On-Site Utility solution, the clubs will pay only for the energy used and will avoid all capital, installation and operating costs. EuroSite Power will also handle all service, maintenance and repair, meaning the clubs will not need to provide manpower to support the energy equipment. The four projects combined will produce approximately 6.6 GWh of total energy per annum, while saving up to 694 tonnes of CO2 each year.
Neil Stanton, Roko Health Clubs' Operations Director, said: "We anticipate a material reduction in both our annual energy bill and CO2 production. Moreover, these improvements are made without capital outlay or financial risk to Roko Health Clubs. In addition, by displacing electricity consumption from the grid with generation from an on-site CHP unit we believe EuroSite Power's solutions provide the opportunity to address some of the financial and administrative challenges posed by the CRC Energy Efficiency Scheme."
Paul Hamblyn, Managing Director of EuroSite Power said: "In 2012, EuroSite Power has booked an estimated 20 GWh of total energy per year for an approximate total revenue value of 29.5 million pounds sterling over the term of the contracts. We are very excited that more and more customers are recognizing the value of our standard On-Site Utility solution and I am delighted to welcome Roko Health Clubs to our growing family of customers."
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). 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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