WALTHAM, Mass., April 12, 2012 /PRNewswire/ -- EuroSite Power Inc., 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, today announced that it has extended its agreement with The Ability Group by adding a contract to supply clean energy to the Doubletree by Hilton Dunblane Hydro hotel.
The hotel is amongst the finest of Scottish hotel destinations and offers breathtaking views of the Trossachs. Under the terms of the thirty-year agreement, the Company will install and operate a combined heat and power (CHP) system which will produce up to 200 kW of power or approximately 1.63 MWh of total energy per year. The Ability Group will receive a discount on the energy produced by the CHP system and reduce its carbon emissions from the property. The value of the agreement to the Company is pounds Sterling 4.1 million.
"In 2012, EuroSite Power has already booked an estimated 8.1 MWh of total energy per year for an approximate total revenue value of pounds Sterling 16.5 million over the term of the contracts," commented Paul Hamblyn, Managing Director of EuroSite Power. "We are very excited that customers have recognized the value of our standard On-Site Utility solution, as we now offer it across the UK and Europe."
EuroSite Power will produce clean energy in the form of electricity, heating and domestic hot water for both Dunblane Hydro's health and fitness center and main hotel building at a price lower than The Ability Group's current and future energy suppliers. Because The Ability Group opted for the Company's On-Site Utility solution, the hotel will pay only for the energy used and will avoid all capital, installation and operating costs. The Company will also handle all service, maintenance and repair; therefore, neither The Ability Group nor Hilton Worldwide will need to provide manpower to support the energy equipment.
The specific CHP system planned for the property is expected to reduce its emissions by up to 206 tons of carbon dioxide each year and because good quality CHP is supported by the UK government, the impact of the Climate Change Levy and CRC energy efficiency scheme will be greatly reduced. The CRC is a mandatory scheme aimed at improving energy efficiency and cutting emissions in large public and private sector organizations in the UK.
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 Amex: 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.