WALTHAM, Mass., April 16, 2014 /PRNewswire/ -- EuroSite Power Inc., (OTCQB: EUSP) an On-Site Utility solutions provider, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and leisure centres in the United Kingdom (UK) and Europe, has signed a contract worth £13.2 (US$22.09) million to install and own combined heat and power (CHP) systems at seven hotels owned by Topland Group.
Under the terms of the 15 year agreement reached with Topland Group a total of 860 kW from seven modules of highly efficient combined heat and power (CHP) systems will be installed, owned and operated by EuroSite Power at seven of Topland's UK hotels – Aberdeen, Bournemouth, Cambridge, Derby, Glasgow, Irvine and Stratford upon Avon. Together the CHP systems installed will produce up to 11,255,330kWh of total energy per annum, while saving up to 2,034 tonnes of CO2 – equivalent to taking 428 cars off the road each year. The contract brings EuroSite Power's total contract bookings to £53.5 (US$89.35) million and 3,088 kW electrical capacity.
Topland Group is one of the largest privately owned international investment groups whose principal activity is Commercial Real Estate, with a portfolio of over 270 properties, valued in the region of £4 billion. Topland has a strong track record of investing in the hotel sector. Investments include The Royal Crescent Hotel in Bath, a portfolio of Hilton hotels, a portfolio of Thistle hotels, the Welcome Break in North London and the Menzies Hotel Group.
Lionel Benjamin, Director - Hotels for Topland Group said: "Keeping our operating costs under control is fundamental and as energy prices continue to rise we needed to find solutions that allow us to manage this risk. EuroSite Power's combination of zero upfront capital cost with discounted pay-as-you-go energy has proven the ideal solution."
Commenting on the announcement, Paul Hamblyn, Managing Director of EuroSite Power, said: "Our new agreement with Topland further extends our reach into the all-important hospitality sector. It also brings the total number of systems that EuroSite Power has on contract to thirty. Like all EuroSite Power customers Topland can now look forward both to reduced operating costs and lower carbon footprints at each of these seven properties."
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. 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.