WALTHAM, Mass., May 12, 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 received ECA funds in the amount of GBP411,333 or approximately $625,223.
These funds are for the years 2012 and 2013. We expect to further benefit based upon our On-Site Utility™ spending for 2014, 2015 and every year until the plan expires in 2018, or we could benefit longer if the plan is extended beyond 2018. These funds should enable us to move to positive, non-GAAP, cash flow from operations positive position, as defined in our earning release, for the second quarter 2015.
Gabriel Parmese, CFO said, "We are encouraged about On-Site Utility™ economics in the UK, which continues to be very attractive to us due to the existing carbon revenues, ECA tax incentives and lower construction costs relative to the United States".
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.