WALTHAM, Mass., July 9, 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 to supply a combined heat and power (CHP) system to the publicly owned Bury St Edmunds Leisure Center in Suffolk, UK.
Under the terms of the agreement signed with Abbeycroft Leisure, EuroSite Power will install and operate a CHP system at the site located in the historic market town of Bury St Edmunds. The new 100kW CHP system will generate approximately 1.6GWh of total energy per annum while saving up to 240 tonnes of CO2 each year. With a total revenue value of approximately 2.2 million GBP ($3.3 million US) over the term of the 15 year agreement the contract for Bury St Edmunds means that EuroSite Power now has contracts in place totaling some 34.4 million GBP.
Abbeycroft Leisure is already enjoying the benefit of EuroSite's guaranteed low price, low carbon energy at their Haverhill Leisure Center site and were keen to replace their aged CHP installation at Bury St Edmunds. By opting for EuroSite's On-Site Utility solution, Abbeycroft Leisure will pay only for the energy used and will avoid all capital, installation and operating costs. This capital free, risk free approach to on site energy generation is increasingly gaining popularity within the UK leisure industry and Bury St Edmunds becomes the latest facility to join EuroSite Power's portfolio of customers within the sector.
Paul Hamblyn, Managing Director of EuroSite Power said: "Our On Site Utility solutions consistently deliver good results and Abbeycroft Leisure's decision to add Bury St Edmunds to their contract demonstrates that our approach works. Leisure centers and health clubs remain an important part of our growth strategy within the UK market and adding another facility just strengthens our position in this sector."
Simon Ginders-Coxshall, General Manager of Abbeycroft Leisure said: "The CHP system at Bury St Edmunds needed updating but we needed a solution that required no investment from us or the local authority. EuroSite Power's approach means we can have new equipment while enjoying a saving from day one."
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 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.