EuroSite Power Signs Energy Contracts Valued at £3.1 Million with Two Additional Cedar Court Hotels
WALTHAM, Mass., Sept. 18, 2012 /PRNewswire/ — EuroSite Power Inc. (OTCQB:EUSP), 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 signed two additional contracts with Cedar Court Hotels. The potential revenue value of the two agreements to EuroSite Power is pounds sterling 3.1 million over their term.
Under separate fifteen-year agreements, EuroSite Power will install and operate combined heat and power (CHP) systems at the Best Western Cedar Court Hotel, Harrogate and at the Cedar Court Grand Hotel & Spa, York. The 100 kWe CHP unit at the Cedar Court Hotel, Harrogate will produce approximately 1.2 GWh energy per annum, while saving up to 122 metric tons of CO2 each year and the 100 kWe CHP unit at the Cedar Court Grand Hotel & Spa, York will produce approximately 1.6 GWh of heat and power per year, while saving approximately 192 metric tons of CO2 annually. The two contracts follow a previous contract between EuroSite Power and Cedar Court Huddersfield announced on May 22, 2012.
EuroSite Power will produce clean energy in the form of electricity, heating and domestic hot water for Cedar Court Hotels at a price lower than the hotels’ current and future energy suppliers. Because Cedar Court Hotels opted for EuroSite Power’s On-Site Utility solution, the hotels will pay only for the energy used and will avoid all capital, installation and operating costs including the cost of the gas to run the CHP units. EuroSite Power will also handle all service, maintenance and repair, so Cedar Court Hotels will not need to provide manpower to support the energy equipment. The specific CHP system planned for the properties is expected to reduce emissions by a combined total of up to 314 metric tons of CO2 annually so the impact of the Climate Change Levy will be greatly reduced due to good quality CHP being supported by the British Government.
Cedar Court Hotels, part of the Best Western Group of Hotels, is the largest independent hotelier in Yorkshire – the largest county in the United Kingdom. Cedar Court Grand Hotel & Spa is York’s first ever five-star hotel and overlooks the city walls of the historic city. The Best Western Cedar Court Hotel at Harrogate overlooks the famous 200 acre Stray parkland and is a historic Grade Two listed building dating back to 1671.
To date, EuroSite Power has booked contracts with potential revenue value of approximately 23 million pounds sterling.
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 Inc. is a subsidiary of American DG Energy Inc. (NYSE MKT: 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.