WALTHAM, Mass., July 7, 2015 /PRNewswire/ -- EuroSite Power Inc., (OTCQB: EUSP) On-Site Utility™ solutions provider, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and leisure centers in the United Kingdom (UK) and Europe, has signed an agreement worth approximately £1.23 (US$1.97) million with Stevenage Leisure Limited to provide a solution for the new Flitwick Leisure Centre currently under construction in Flitwick Bedfordshire, UK.
In a first for EuroSite Power, a 100kW combined heat and power (CHP) system will be installed as part of a new build project. In delivering a CHP in this way, EuroSite Power is helping both its customer and the building's developer, Central Bedfordshire Council to achieve the Target CO2 Emissions Rate (TER) defined by Part L2A of the Building Regulations 2010 in England and Wales. These regulations specifically require building designers to consider the technical, environmental and economic feasibility of using high-efficiency alternative heating systems including CHP as part of their design in order to meet the TER.
Under the terms of the 15 year agreement, a highly efficient CHP system will be funded, owned and operated by EuroSite Power at the leisure center. Flitwick Leisure Center will then buy the efficient energy produced by the system from EuroSite Power at a guaranteed lower rate than if it were to buy directly from the grid.
The 100 kWe CHP system will produce up to 1,373,787 kWh of total energy per annum, while saving up to 249 tonnes of CO2 – equivalent to taking 52 cars off the road each year. The new contract brings EuroSite Power's portfolio of UK systems to 36 with a value to the company of £63.2 (US$101.12) million from units totaling 3,638 kW electrical capacity. Compared to operating the new facility without the benefit of an On-Site Utility™ CHP solution the annual energy costs are estimated to be over £16,000 (US$25,600) less, with no capital or maintenance costs.
Stevenage Leisure Limited Corporate Services Director Jonathan Stone said, "Keeping a tight grip on energy costs is of paramount importance to the efficient running of a leisure center. With no upfront costs, the EuroSite Power solution provides guaranteed savings, risk free. Their experience in the leisure industry meant they were able to tailor an exact solution to our needs while also helping the developer to comply with Building Regulations."
Paul Hamblyn, Managing Director of EuroSite Power, said, "Although EuroSite Power has extensive experience in providing CHP systems to leisure centers in the UK, this project represents a milestone as it will be the first solution provided into a new build. As well as ensuring compliance with UK Building Regulations in relation to energy efficiency at the time of installation, our On-Site Utility™ solution ensures full compliance as well as guaranteed savings for the customer throughout the 15 year term of the contract. We feel very confident that, as more customers learn the full benefits of On-Site Utility™ solutions, this will be the first of many projects of this type."
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). American DG Energy owns 48% of EuroSite Power and consolidates their financial results and P&L. 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