WALTHAM, Mass., March 31, 2016 /PRNewswire/ -- EuroSite Power Inc., (OTCQX: EUSP) an On-Site Utility solutions provider, offering clean electricity, heat, hot water and cooling solutions to healthcare, hospitality, housing and leisure centers in the United Kingdom (UK) and Europe, has signed a collaboration agreement with Czech CHP manufacturer TEDOM, to promote EuroSite Power's On-Site Utility solutions through more than thirty TEDOM dealers across the EU and Turkey.
With more than 3,500 CHP (Combined Heat and Power) units sold and 25 years' experience, TEDOM is one of the world's leading CHP manufacturers.
The agreement will allow the dealers to offer an On-Site Utility solution to their customers as an alternative to buying a CHP system outright. EuroSite Power's On-Site Utility solutions ensure customers are able to enjoy the guaranteed benefits of CHP technology, with zero capital investment, operational or maintenance costs.
As an alternative to the sale of a CHP to the customer, EuroSite Power finances, installs and maintains the system onsite, retaining ownership of the equipment under a long-term agreement. Once the system is installed and commissioned at the customer's property, EuroSite Power then sells the energy produced by the system to the customer at a rate guaranteed to be lower than if the equipment was not in place.
Paul Hamblyn, Managing Director of EuroSite Power, commented, "We are delighted to have made this agreement with TEDOM, whose equipment we have been using over the past couple of years to provide On-Site Utility solutions to our customers in the UK.
"The agreement works for all parties as the customer gets a solution without the upfront cost, the dealer gets a sale that may otherwise have been lost due to a lack of capital and also the contract to provide installation and maintenance services, TEDOM gets the order for the CHP unit, all paid for by EuroSite Power, which then delivers ongoing cheaper energy to the customer over 15 years via an On-Site Utility agreement. Facilitating a win-win situation for all parties, this agreement, together with the recently announced project financing arrangement with Macquarie Equipment Finance which can be used to fund projects in Europe, represents a major step that will significantly accelerate our expansion into mainland Europe."
Miloslav Kužela, Chief Sales Officer for TEDOM a.s., added, "EuroSite Power has already proven its business model using our CHP units and the collaboration to which we have now agreed allows this approach to be offered by all our European dealers. We look forwarded to sharing in the success as EuroSite Power continues to grow, alongside our increasing market share in the EU."
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 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.
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.