WALTHAM, Mass., Feb. 10, 2015 /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 an agreement worth approximately £1.39 (US$2.13) million with Basingstoke Sports Centre, UK.
Under the terms of the 15 year agreement, a highly efficient combined heat and power (CHP) system will be installed, owned and operated by EuroSite Power at the sports centre, which will then buy the efficient energy produced by the system from EuroSite Power at a rate guaranteed to be lower than if it were to buy directly from the grid.
The 125 kWe CHP system installed will produce up to 2,058,000 kWh of total energy per annum, while saving up to 247 tonnes of CO2 – equivalent to taking 52 cars off the road each year. The new contract brings EuroSite's portfolio of UK systems to 33 with a value to the company of £58.67 (US$89.96) million from units totalling 3413 kW electrical capacity.
Estimated savings for the sports centre are in excess of £13,000 (US$19,920) per year, with no capital or maintenance costs.
Basingstoke Sports Centre is based at the Festival Place shopping center in Basingstoke, Hampshire, UK. With two swimming pools, squash courts, 186-station gyms and sports hall. The sports center also has three fitness studios, a pedal studio and a multi-purpose activity room.
Basingstoke Sports Centre Chief Executive Officer James Starbuck said: "For a major sports center, keeping control of energy costs is essential. As energy prices rise, a solution that allows us to manage the risk with zero upfront capital costs is perfect. With so much experience in the leisure sector, EuroSite was able to provide a precise solution to our needs."
Paul Hamblyn, Managing Director of EuroSite Power, said. "We are very pleased to have signed this agreement with Basingstoke Sports Centre and look forward to providing them with risk-free, cheaper energy into the future."
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.
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SOURCE EuroSite Power Inc.